India Maintains Stance On RCEP, Citing Unaddressed Concerns

New Delhi, Dec 7 (KNN) In a definitive statement to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal reaffirmed India's position on the Regional Comprehensive Economic Partnership (RCEP), a mega free trade agreement involving 16 Asia-Pacific nations.

The country remains resolute in its decision not to join the bloc, which was first communicated during the third RCEP Leaders Summit in Bangkok on November 4, 2019.

Goyal explicitly stated that the current structure of the RCEP does not adequately address the ambitions and concerns of India's stakeholders. 

This stance has remained unchanged since the 2019 summit, despite some recent discussions suggesting potential reconsideration.

The RCEP encompasses 10 ASEAN members and six additional countries: Australia, China, India, Japan, South Korea, and New Zealand. 

While India has chosen not to participate, the minister provided insights into the country's trade dynamics with one of the bloc's key members, China.

According to the ministerial reply, India's imports from China have significantly increased from USD 70.32 billion in 2018-19 to USD 101.74 billion in 2023-24. 

Conversely, exports to China marginally declined from USD 16.75 billion to USD 16.66 billion during the same period. 

Goyal noted that most imported goods from China are capital goods, intermediate materials, and raw materials critical for expanding sectors like electronics, telecommunications, and power.

The remarks gain additional context in light of a recent statement by NITI Aayog CEO BVR Subrahmanyam, who suggested that India should consider joining the RCEP. 

However, the government's current position remains firm, prioritising the protection of domestic economic interests.

(KNN Bureau)