India decided not to be part of RCEP agreement in national interest: Piyush Goyal

Commerce Minister Piyush Goyal has said that the Free Trade Agreements, FTAs with Japan, South Korea and ASEAN countries are being reviewed. Mr Goyal said, India is also exploring trade agreements with the USA and European Union, where Indian industry and services will be competitive and benefit from access to large developed markets.

Addressing media in New Delhi, the Commerce Minister said, India decided not to be part of the Regional Comprehensive Economic Partnership, RCEP agreement in national interest. He said, Prime Minister Narendra Modi has taken this historic step in the interest of the farmers and medium and small scale industries. Mr Goyal said, India strongly put forth its key demands before the member countries and made it clear that it will not compromise with its national interest.

The Minister said, a balanced trade deficit, better market access of the Indian goods and services and protection of the industries from the unfair trade practices were the key demands of India.

Mr. Goyal said, it was the UPA Government which started the deliberations at the



RCEP forum and they took so many decisions which proved detrimental to  the country. He added that, this government is correcting the mistakes of the Congress-led UPA government and making all the efforts to improve the economic condition of the country. Goyal assured that India will never finalize any trade agreement in a hurry and the focus will be on India first.        

Various trade associations and cooperative bodies continue to compliment Prime Minister Modi for refusing to be part of RCEP. Gujarat Cooperative Milk Marketing Federation, the umbrella body of 17 dairies of the state that markets milk and other milk-products under brand AMUL, thanked Mr. Modi for his decision.

All India Association of Industries said, the government’s focus and clear strategy with an efficient road map  is key to optimal development.

Meanwhile, China has said that it will resolve the outstanding issues raised by India for not joining the  RCEP. China said, it will welcome India joining the deal at an early date.