India Decides Not To Be Part Of RCEP: Implications
News behind the News|NbN 11 November 2019
India finally decided not to be part of the Regional Comprehensive Economic Partnership (RCEP) until “significant outstanding issues” were resolved.
India Decides Not To Be Part Of RCEP: Implications

The deal in its present form does not fully reflect “the basic spirit and the agreed guiding principles of RCEP” Prime Minister Narendra Modi said in his statement at the 3rd RCEP Summit in Bangkok Monday. “When 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 permit me to join RCEP,” Modi added, referring to the stakes of Indian farmers, traders, professionals and industrialists, all of whom have protested against the government’s decision to go ahead with the negotiations in the last few months.

DOORS TO RCEP STILL OPEN

All other 15 countries involved in the negotiations stated that they were ready to sign the mega trade deal in 2020. They will, however, try to persuade India to agree to the same. “All RCEP Participating Countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues,” the joint statement by RCEP members said.

Addressing a press conference Tuesday, Commerce Minister Piyush Goyal left the issue of India joining later open “if the 15 nations make a sincere effort to resolve our concerns, to give us confidence, and help us balance the trade inequality, then I think every nation should talk with their friends……..”

INDIA’S OFFICIAL POSITION

This story is from the NbN 11 November 2019 edition of News behind the News.

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This story is from the NbN 11 November 2019 edition of News behind the News.

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