'India won't join China-led RCEP trade pact'
Bangkok: Prime Minister Narendra Modi said on Monday that India would not join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi's "outstanding issues and concerns".
Prime Minister Modi announced during his speech at the RCEP Summit here, which was attended by several world leaders.
"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 India's outstanding issues and concerns satisfactorily. In such a situation, India can't join RCEP Agreement," Modi said.
The RCEP comprises 10 ASEAN nations and six of its FTA (free trade agreement) partners - China, India, Japan, South Korea, India, Australia and New Zealand. However, India opted out of the RCEP.
The original RCEP was aiming to facilitate the creation of the most significant free-trade region in the world as the 16-nation grouping is home to 3.6 billion people or nearly half the world's population.
India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
"India stands for greater regional integration as well as for freer trade and adherence to a rule-based international order. India has been pro-actively, constructively and meaningfully engaged in the RCEP negotiations since inception. India has worked for the cherished objective of striking balance, in the spirit of give and take," the prime minister said.
"Today, when we look around, we see during seven years of RCEP negotiations, many things, including the global economic and trade scenarios, have changed. We cannot overlook these changes," he added.
ASEAN leaders and six other countries launched the RCEP negotiations during the 21st ASEAN Summit in Phnom Penh in November 2012.
"When I measure the RCEP Agreement concerning the interests of all Indians, I do not get a positive answer. Therefore, neither the Talisman of Gandhiji nor my own conscience permits me to join RCEP," Modi said.