Piyush Goyal said India was exploring trade agreements with the United States and the European Union to allow manufacturing and services sectors to benefit from access to large developed markets
A day after opting out of the Regional Comprehensive Economic Partnership (RCEP) deal, the government on Tuesday said it was open to being part of the grouping in the future if it got favourable offers addressing India’s concerns.
“Every government is always open to discussions and negotiations, but at present, the final decision is to stay out of RCEP,” Commerce and Industry Minister Piyush Goyal said. “Should the other countries come up with better offers in the interest of India’s industry and people, we will discuss it and do what is good for our farmers, industry, and the services sector.”
Goyal also said India was exploring trade agreements with the United States and the European Union to allow the manufacturing and services sectors to benefit from access to large developed markets. “We always talk to countries. The doors never shut for anybody,” he said, referring to RCEP.
He said reconciliation would follow if the 15 RCEP nations made sincere efforts to address India’s concerns, gave it confidence, and helped it balance this trade inequality. “At present, the final decision is to stay out of RCEP...(We will) do what is good for our farmers, industry and services sector”- Piyush Goyal
While the other RCEP nations have gone ahead with the deal after concluding the talks in Bangkok, they have also left the door open for India — the largest untapped consumer and industrial market. Negotiations, which started in 2012, will now culminate in a final deal being signed by 2020.
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