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Date: 09/12/2024

India firm on staying out of RCEP: Goyal

India is firm on staying out of the RCEP, the 15-nation trade bloc, despite the calls from some quarters including the Niti Aayog for a reconsideration of the country’s decision not to join, said Mr Piyush Goyal, Commerce and Industry Minister, in a reply to a question in the Rajya Sabha. During the 3rd RCEP Leaders Summit held in November 2019 in Bangkok, India conveyed its position that the current structure of RCEP did not reflect the RCEP Guiding Principles or address the outstanding issues and concerns of India. There has been no change in India’s position since then. 
 
Post the signing of RCEP, China is said to have walked away with all the gains vis à vis other partners of the group. ASEAN’s trade deficit with China has jumped to $135.6 billion in 2023 from $81.7 billion in 2020. Also, the trade deficit of major ASEAN countries like Singapore, Thailand, Vietnam and the Philippines has steadily increased, as per a report.
 
Source: Exim News Service: New Delhi, Dec. 8



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