New Delhi

Leading businessmen from India and 15 other countries, including China and Japan, may soon be able to make visa-free short business trips to each other’s territory to boost commercial ties, with the Home Ministry giving in-principle approval to the ambitious plan.

The member countries of the Regional Comprehensive Economic Partnership (RCEP), a proposed mega trade agreement, will discuss the matter at its next meeting scheduled to be held in Busan, South Korea, from October 12 to October 16.

Sixteen-member RCEP comprises 10 ASEAN member states and their trading partners — India, South Korea, Japan, China, Australia and New Zealand.

As per the proposal, a special business travel card, modelled on that of the Asia Pacific Economic Cooperation (APEC), will be issued to leading businessmen of RCEP member countries for uninterrupted, visa-free short business trips to each other’s territory.

“We have received a proposal from the Commerce Ministry and conveyed that, in principle, the plan is feasible. But we have sought the detailed project report for giving the final clearance,” a senior Home Ministry official said.

If the proposal gets clearance, bona fide business travellers with the special card will avoid visa documentation and long queues at airports and could tour with more ease.

RCEP negotiations were launched in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world’s economy, estimated to be more than USD 75 trillion.

The proposed trade agreement is under negotiations and is an extremely important institutional process which will have significant implications for India and other partners.

The pact is expected to help India increase its share in the global trade. India is aiming to increase its global trade share to 3.5 per cent by 2020 from the current 2 per cent.

For fast and efficient travel for businessmen within the region, APEC has created an APEC Business Travel Card (ABTC), which allows business travellers pre-cleared, facilitated short-term entry to participating member economies.

ABTC removes the need to individually apply for visas or entry permits, saving valuable time, and allows multiple entries into participating economies during the three years for which the card is valid.

PTI