‘India won’t join China- led RCEP trade pact’
Prime Minister Modi voices India’s concern
BANGKOK: Prime Minister Narendra Modi said on Monday that India would not join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi’s “outstanding issues and concerns”.
Prime Minister Modi announced during his speech at the RCEP Summit here, which was attended by several world
leaders.
“The present form of the RCEP Agreement does not fully reflect the basic spirt and the agreed guiding principles of the RCEP. It also does not address India’s out- standing issues and concerns satisfactorily. In such a situation, India can’t join RCEP Agreement,” Modi said.
The RCEP comprises 10 ASEAN nations and six of its FTA (free trade agreement) partners - China, India, Japan, South Korea, India, Australia and New Zealand. However, India opted out of the RCEP.
The original RCEP was aiming to facilitate the creation of the most significant free-trade region in the world as the 16-nation grouping is home to 3.6 billion people or nearly half the world’s population.
India has been forcefully raising the issue of market access as well as protected
lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
“India stands for greater regional integration as well as for freer trade and adherence to a rule-based international order. India has been pro-actively, constructively and meaningfully engaged in the RCEP negotiations since inception. India has worked for the cherished objective of striking balance, in the spirit of give and take,” the prime minister said.
“Today, when we look around, we see during seven years of RCEP negotiations, many things, including the global economic and trade scenarios, have changed. We cannot overlook these changes,” he added.
ASEAN leaders and six other countries launched the RCEP negotiations during the 21st ASEAN Summit in Phnom Penh in November 2012.
“When I measure the RCEP Agreement concerning the interests of all Indians, I do not get a positive answer. Therefore, neither the Talisman of Gandhiji nor my own conscience permits me to join RCEP,” Modi said.
NEW DELHI: With India deciding not to join the Regional Comprehensive Economic Partnership (RCEP), the Congress on Monday claimed victory saying its forceful opposition has ensured that the BJP government backs out from bartering the interests of farmers, dairy producers, fishermen and small and medium businessmen.
Congress chief spokesperson Randeep Surjewala said it is a win for all those protecting national interests.
"A forceful opposition by Congress and Rahul Gandhi ensures that BJP government backs down from bartering the interests of farmers, dairy producers, fishermen, small and medium businesses at the altar of political expediency. A victory for all fighting for protecting national interests (sic)," he said on Twitter.
He said with "rampant unemployment, a sinking economy and deep agrarian crisis emanating from utter mismanagement of economy by BJP Government", signing RCEP
would have been catastrophic. "The Modi Government was pushing to sign RCEP without addressing genuine concerns and national interests," he said.
"India's farmers and MSME'S had genuine unaddressed concerns about -Circumvention of Rules of Origin to dump Chinese goods; Absence of safeguards to prevent against import surges at the cost of domestic industry; No assurance on market access for service and IT industry," he also said. India on Monday decided not to join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi's concerns, government sources said.
They said India's stand at RCEP is a strong reflection of Prime Minister Narendra Modi's strong leadership and India's rising stature in the world. India's decision
will greatly help Indian farmers, MSMES and dairy sector, the sources said. The External Affairs Ministry said India decided not to join RCEP because of unresolved issues
and believes that under current circumstances, it would not be proper to join the RCEP.
The decision was taken considering national interests, the Ministry said.