BANGKOK: India won’t join the Regional Comprehensive Economic
Partnership (RCEP) because concerns about getting swamped by imports
under the agreement — putting its domestic industry and agriculture at
risk — haven’t been assuaged. The RCEP, which includes China and the
Association of Southeast Asian Nations (Asean), aims to cover about a
third of the world economy and half its population.
The present form of the RCEP Agreement does not fully reflect the
basic spirit and the agreed guiding principles of RCEP, Prime Minister
Narendra Modi said in his address at the RCEP summit in Bangkok,
according to a tweet by official broadcaster Prasar Bharati. It also
does not address satisfactorily India's outstanding issues and concerns.
In such a situation, it is not possible for India to join RCEP
Agreement.
Commerce and Industry Minister Piyush Goyal said the decision not to
join RCEP will boost ‘Make in India’ as he lauded Prime Minister
Narendra Modi for his bold and courageous decision to not join RCEP,
since it was against our economic interests and national priorities.
India runs a large trade deficit with RCEP countries and was looking
for specific protection for its industry and farmers from a surge in
imports, especially from China.
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