India determined to not be part of RCEP in nationwide curiosity, reviewing different FTAs: Piyush Goyal

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New Delhi: India stood its floor at RCEP negotiations and within the nationwide curiosity determined to not be part of the China-led mega-trade pact, mentioned Commerce and Business Minister Piyush Goyal on Tuesday.

Addressing a press convention a day after the conclusion of the Regional Complete Financial Partnership (RCEP) summit in Bangkok, Goyal mentioned Prime Minister Narendra Modi took a tricky stand to guard the curiosity of the dairy sector, farmers and home business.

The minister additionally hit out on the Congress get together for criticising the federal government, saying it was the Manmohan Singh authorities that had initiated the discussions for making India a part of the RCEP grouping, ignoring the truth that it had an enormous commerce deficit with the member nations.

The commerce deficit with the RCEP grouping soared from $7 billion in 2004 to $78 billion in 2014.

The minister additional mentioned the Modi authorities was reviewing varied FTAs signed by the Manmohan Singh authorities with South Korea and ASEAN with a view to safeguard the curiosity of the nation and pave the best way for making India a $5-trillion financial system.

India on Monday determined to not be part of Regional Complete Financial Partnership (RCEP) over unresolved “core concerns”.

Modi conveyed India’s determination to not be part of the RCEP deal at a summit assembly of the 16-nation bloc at Bangkok.

“The present form of the RCEP agreement does not fully reflect the basic spirt and the agreed guiding principles of the RCEP. It also does not address satisfactorily India’s outstanding issues and concerns. In such a situation, it is not possible for India to join the RCEP Agreement,” Modi had mentioned.

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