Union Minister of Railways and Commerce and Industry Piyush Goyal will make a statement in Rajya Sabha on Tuesday regarding ‘India’s position in Regional Comprehensive Economic Partnership (RCEP).
Two weeks ago, External Affairs Minister S Jaishankar and Goyal gave detailed presentations on Prime Minister Narendra Modi’s recent foreign visits and India’s stand on the RCEP, in the BJP parliamentary party meeting, sources had said.
This presentation assumed significance as India decided not to join the RCEP agreement as its key concerns were not addressed.The key issues behind India’s decision included inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, keeping the base year as 2014 and no credible assurances on market access and non-tariff barriers.
RCEP is a proposed free trade agreement (FTA) between the ten member-states of ASEAN and FTA partners.
Goyal had said earlier that the country will be open to further discussions on RCEP if its demands are met and the trade deficit is balanced.