India's decision on RCEP reflects its assessment on current global situation and fairness of agreement: MEA

BANGKOK: India's decision to not join the Regional Comprehensive Economic Partnership (RCEP) agreement reflects its assessment on the current global situation as well as the fairness and balance of the agreement, the Ministry of External Affairs (MEA) said on Monday, adding that the country had "significant issues of core interest that remained unresolved".
Briefing media persons shortly after the major development on the RCEP, Secretary (East) in the MEA Vijay Thakur Singh said that Prime Minister Narendra Modi, while speaking on India's decision, highlighted that he was guided by the impact it would have on the lives and livelihood of all Indians, especially the vulnerable sections of the society.

"India conveyed its decision at the summit to not join the RCEP agreement. This reflects both our assessment of the current global situation, as well as the fairness and balance of the agreement," said Singh.

"India had significant issues of core interest that remain unresolved," she added.
Singh noted that India has participated in good faith in the RCEP discussion and has negotiated hard with "a clear-eyed view of our interests."

"In the given circumstances, we believe that not joining the agreement is the right decision for India. We would continue to persevere in strengthening our trade, investment, and people to people relations with this region."
To the repeated queries from the journalists as to whether India would ever join the RCEP, Singh reiterated, "India has conveyed its decision to not join the RCEP agreement."

The Prime Minister had said earlier that India remains committed to a comprehensive and balanced outcome of RCEP negotiations and seeks balance across goods, services and investments and also within each pillar.
Industry, traders & farmers welcome India's decision
Industry, traders and farmers appreciated the government's decision not to join the China-backed mega agreement.
The country's leading milk supplier Amul described the move as "landmark".
"CII appreciates Government of India's stance on addressing all outstanding issues before joining RCEP," said Vikram Kirloskar, President, Confederation of Indian Industry.
He said the CII will continue to support and work with government in its endeavour to integrate with the global economy through mutually beneficial trade agreements.
The long term interest of industry in India is to get well integrated in global value chains and beneficial trade agreements could play important roles in realizing this interest, said Kirloskar.
FICCI President Sandip Somany said the chamber fully supports the Prime Minister
RCEP is a proposed free trade agreement (FTA) between the ten member states of Asean and six FTA partners.