India will not join RCEP deal: PM Modi
Bangkok, Nov 4: Prime Minister Narendra Modi said on Monday that India will 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 made the announcement 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 spirit and the agreed guiding principles of the RCEP. It also does not address satisfactorily India's outstanding issues and concerns. In such a situation, it is not possible for India to 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 biggest 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 proactively, 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.
The RCEP negotiations were launched by ASEAN leaders and six other countries during the 21st ASEAN Summit in Phnom Penh in November 2012. The objective of launching RCEP negotiations was to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member States and its FTA partners.
"When I measure the RCEP Agreement with respect to the interests of all Indians, I do not get a positive answer. Therefore, neither the Talisman of Gandhiji nor my own conscience permit me to join RCEP," Modi said.
This is not the first time that the Indian government under Prime Minister Modi has demonstrated a strong resolve in matters of international trade and related negotiations. US President Donald Trump who is known for his negotiation skills has himself called Modi a tough negotiator, sources said.
"Gone are the days when Indian negotiators caved-in to pressures from the global powers on trade issues. This time, India played on the front foot, stressing on the need to address India's concerns over trade deficits and the need for other countries to open their markets to Indian services and investments," government sources said.
The sources said except India, all 15 RCEP member countries were on board in finalising the deal at Monday's summit.
On Saturday, the trade ministers from 16 RCEP countries failed to resolve the outstanding issues identified by India, though back-channel talks continued on the sidelines of the ASEAN summit to resolve the sticky issues.
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Finland's President Stubb kicks off 4-day visit to India; trade, innovation top agenda
New Delhi (PTI): Finnish President Alexander Stubb began a four-day visit to India on Wednesday to bolster bilateral cooperation across a wide spectrum of areas, including trade, investment and critical technology.
Stubb will hold talks with Prime Minister Narendra Modi on Thursday following which the two sides are expected to firm up a number of Memoranda of Understanding (MoUs) to boost cooperation in a number of sectors.
The crisis in West Asia is likely to figure prominently in the meeting.
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"The visit will further strengthen the relations between Finland and India, including in the area of trade," Stubb said before leaving for New Delhi.
The Finnish president will grace as the chief guest at the inaugural session of the Raisina Dialogue on Thursday evening.
Stubb was accorded a warm welcome at the airport by Minister of State for External Affairs Kirti Vardhan Singh.
"India and Finland share a warm and friendly relationship rooted in shared democratic values. President Stubb's visit will impart further energy to India-Finland relations," External Affairs Ministry spokesperson Randhir Jaiswal said on social media.
The Finnish president is accompanied by a high-level delegation comprising ministers, senior officials and business leaders.
Stubb's visit to India comes weeks after Finland's Prime Minister Petteri Orpo travelled to New Delhi for the AI Impact Summit.
The Finnish president will also meet President Droupadi Murmu and Vice President C P Radhakrishnan.
Stubb will travel to Mumbai on Friday where he is scheduled to meet several business leaders. The Finnish leader will conclude his visit on Saturday.
