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Amid concerns, India will not join RCEP, Modi says his conscience won't allow

Amid concerns, India will not join RCEP, Modi says his conscience won't allow

India Blooms News Service | @indiablooms | 04 Nov 2019, 01:28 pm

New Delhi/Bangkok/IBNS: Amid concerns voiced by opposition parties, India is not going to join the Regional Comprehensive Economic Partnership or RCEP with media quoting Prime Minister Narendra Modi saying that his "conscience won't allow it". The PM declined to sign RCEP saying he was guided by the impact it would have on all Indians. In view of current global situation, fairness of the agreement and India's core interest which remained unresolved India decided not to join it, according to a briefing by India's Ministry of External Affairs (MEA).

 

RCEP is significant as it is going to be the largest free trade pact of 16 nations in the world.

India has called for a "mutually beneficial RCEP in which all sides gain reasonably", which, on the ground, involves market access and tariffs, NDTV reported quoting government sources.

In his address, Prime Minister Narendra Modi said the present form of the RCEP Agreement "does not fully reflect the basic spirit and the agreed guiding principles" or India's concerns, reported NDTV.

Citing the country's farmers, traders, professionals and industries, and workers and consumers, who have a stake in such decisions, he said: "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 permits me to join the RCEP".

In Bangkok city, Prime Minister Narendra Modi and other top leaders and government heads of 15 countries including China, Japan and New Zealand are attending Regional Comprehensive Economic Partnership Summit got underway here on Monday.

Congress leader Rahul Gandhi had earlier targeted the Indian government over the RCEP issue and tweeted: " 'Make in has become 'Buy from'. Each year we import Rs. 6,000/ worth of goods fromfor every Indian! A 100% increase since 2014. #RCEP will flood India with cheap goods, resulting in millions of job losses & crippling the economy.