"Industry, traders and farmers in India have appreciated the government's decision not to join RCEP deal. Union commerce and industry minister Piyush Goyal termed the deal against India's economic interests and national priorities. “We have consistently upholded our demands particularly over-controlling trade deficit, stronger protection against unfair imports and better market opportunities for Indian goods," he said."

Prime Minister Narendra Modi announced India’s decision not to join the China-backed mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations between the nations failed to satisfy Indian government’s outstanding issues and concerns.  The announcement was made during the Prime Minister’s speech at the RCEP Summit in Bangkok. He said, the present form of the  Agreement does not fully reflect the basic spirit and the guiding principles of the RCEP. “India is looking at greater integration through this trade deal and had made efforts in those directions from the very beginning.” 

Industry hails decision

Industry, traders and farmers in India have appreciated the government's decision not to join RCEP deal. Union commerce and industry minister Piyush Goyal termed the deal against India's economic interests and national priorities. “We have consistently upholded our demands particularly over-controlling trade deficit, stronger protection against unfair imports and better market opportunities for Indian goods," he said. On similar lines, Union minister for Textiles and Women & Child Development Smriti Irani also hailed Modi's decision to put "nation first is reflected today in India's stand on RCEP." She said, Indian textile Industry is grateful for his intervention and support.

Relief to manufacturers and traders

The Clothing Manufacturers Association of India (CMAI) also welcomed the decision to not join RCEP.  Rahul Mehta, President, CMAI called the RCEP “a double edged sword that would benefit only some Industries while others will suffer due to it.”  This step by the Prime Minister will offer relief to thousands of small manufacturers and traders,” he said.  However, Mehta advised the industry to stand on its own and face competition. “It is the responsibility of the government, industry associations, and industry itself, to create the right policy framework, the appropriate platform, and the will to evolve to reach that state,” he said.