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    India is out of RCEP for now: Piyush Goyal

    Synopsis

    Blaming the UPA for the higher tariff concessions given to Asean earlier, Goyal said changing the stance overnight was not possible. The minister said that India decided to opt out of the deal as small industries and other sectors such as pharmaceutical, chemical and textiles opposed it.

    India decided not to join RCEP in national interest, reviewing other FTAs: Piyush Goyal
    NEW DELHI: Commerce and industry minister Piyush Goyal on Tuesday said that India is out of the Regional Comprehensive Economic Partnership (RCEP) trade agreement for now till the time its demands are met and is open for further talks. Since India is not out of the pact acrimoniously, there were no fears of isolation, he said. Blaming the UPA for the higher tariff concessions given to Asean earlier, Goyal said changing the stance overnight was not possible.

    The minister said that India decided to opt out of the deal as small industries and other sectors such as pharmaceutical, chemical and textiles opposed it.

    Highlighting that at one point in time, there were 70 issues of contention of which 50 were specific to India especially of correcting the burgeoning trade deficit that New Delhi has with other RCEP members, Goyal said many of these demands were met but eventually India decided to stay out.

    “We stood firm on strict rules of origin, base rate and auto trigger safeguard mechanism… We tried to keep almost all dairy and agricultural products completely out,” Goyal said at a press conference here.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    4 Comments on this Story

    Harish 247 days ago
    India should not join Chinese trap.
    patel282 days ago
    That is quite a candid statement. It is good for people to know what position we took and what happened. The picture we get is that most of our industries find themselves uncompetitive as compared to our neighbours and we are particularly bad when it comes to agriculture and dairy. I think the immediate task should be for the government to find out why we are so and take corrective steps. The steps may be something government can do on its own or if it is something government can''t handle, it should open up the sector to the external pressures which will give more discernible shape to the problems of the sector and then the government has some specific problems to solve. I think some kind of Openness is required to test our sectors and find out what exactly are the problems that need urgent attention.Only when we compete with others we know what exactly the problems are; otherwise we are blissfully in our own world. We should get out of the mindset that no competition results in no problems!!!
    Gautam Mahajan282 days ago
    great job by Modi ji. first you want to be part of RCEP and than you decide against it. khelto raho ping pong.
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