RCEP Report: India decides not to join RCEP agreement PM stands firm as key concerns not addressed: India has decided not to participate in the Regional Comprehensive Economic Partnership (RCEP) agreement. This information has been received from sources. The agreement did not include the prime concerns of PM Modi, so it was said that India would not compromise its core interests. The RCEP agreement does not reflect its original intent. Result is not fair or balanced.
India’s major concerns include inadequate protection against import growth, inadequate interoperability with China, potential loopholes of rules of origin, keeping base year as 2014 and no reliable assurance on market access and non-tariff barriers Not given.
According to Reports
Sources in the government said that the days had come when Indian negotiators hollowed out the country under pressure from global powers on trade issues. This time India played on the front foot during the pact. In the meantime, it emphasized the need to address India’s concerns over trade deficit and the need for countries to open markets for Indian services and investment.
Sources in the government say that India’s stance is a mixture of pragmatism. It calls for an effort to protect the interests of the poor and benefit India’s service sector. While opening various sectors to global competition has not deterred.
It is said that India also did not accept the obligations of Most Favorite Nation (MFN), where India was obliged to give equal benefits to the Regional Comprehensive Economic Partnership (RCEP) countries which it has given to other countries. Where India was obliged to give equal benefits to the Regional Comprehensive Economic Partnership (RCEP) countries which it has given to other countries.
PM Modi said, India will not compromise its interests
During the summit, PM Narendra Modi clarified that India will not compromise on its interests in the Regional Comprehensive Economic Partnership (RCEP). He said that India would see if its concerns over trade, services and investment in the RSEP agreement were being fully accommodated. PM Modi said that India clearly believes that the Mutually Beneficial Resep (RCEP), from which all parties derive reasonable benefits, is in the interests of other countries involved in the negotiations, including India.
16 countries were to be included in the agreement
The agreement was to be between 10 ASEAN countries (Association of Southeast Asian Nations) and six trade countries – India, China, Japan, South Korea, Australia and New Zealand. ASEAN countries include Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, Philippines, Laos and Vietnam. In 2012, India had agreed to join it, but due to the increasing cheap imports from China, India’s position has changed now.