India strongly put forth its key demands before the member countries and made it clear that India will not compromise with its national interest, says Commerce and Industry Minister of India.
According to India’s Commerce and Industry Minister Piyush Goyal, in the interest of the nation, India decided to refuse to be the part of the Regional Comprehensive Economic Partnership (RCEP) agreement.
During press conference on 5th November, Mr. Goyal said, Prime Minister Narendra Modi has taken this historic step in the interests of the farmers and medium and small-scale industries.
India strongly put forth its key demands before the member countries and made it clear that India will not compromise with its national interest, the Minister said.
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, the Minister added.
In November 2019, India, the sixth FTA (Free Trade Agreement) partner, decided to opt out of the pact.
In light of India’s departure, China announced that India is welcome to join the RCEP whenever it’s ready.
