Mumbai: The Indian government has decided not to join the Regional Comprehensive Economic Partnership (RCEP), which would have been the world’s largest trade pact, over concerns that it could lead to a potential flood of Chinese imports in the country.PM Modi said When he measures the RCEP Agreement with respect to the interests of all Indians, he does not get a positive answer.
“RCEP agreement does not reflect its original intent. The outcome was not fair or balanced,” Modi said.
External affairs ministry’s secretary (East), Vijay Singh Thakur, said that India conveyed its decision not to join the RCEP at the summit on Monday.
Amit Shah also said that not to sign the RCEP is a result of PM’s strong leadership and unflinching resolve, “India’s decision to not sign RCEP is a result of PM’s strong leadership & unflinching resolve to ensure national interest in all circumstances. It shall ensure support to our farmers, MSMEs, dairy & manufacturing sector, pharmaceutical, steel & chemical industries.”
JP Nadda has welcomed the move and said Modi has being to his commitment of safeguarding nation, “India didn’t bow down to global pressure and give away its economic interests, unlike previous Congress-led governments which opened the Indian market through weak FTAs. PM Narendra Modi Ji has again shown his commitment to safeguarding the interests of the poor.”
India would not join the regional cooperation platform as its ‘core interests’ have not been addressed PM Modi said at RCEP summit in Thailand, “I measure the RCEP Agreement with respect to 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.”
“Indian domestic industry still reeling under the impact of these decisions. The government under PM Modi has sought to solve these issues & negotiations are continuing. It is therefore evident that India could not sign a further unequal deal under RCEP without resolving past issues,” He added.
“The present form of the RCEP Agreement does not fully reflect the basic spirit and the agreed guiding principles of RCEP,” the PM said, adding that India’s farmers, traders, professionals, and industries have stakes in such decisions.