RCEP will be game changer deal if it happens, but India has , quite rightly so, raised its concerns and demanded that any deal that goes through should be beneficial to all and not heavily loaded in any ones favour.
Prime Minister Narendra Modi is all set to steer Indias negotiations at the Regional Comprehensive Economic Partnership or the RCEP.
RCEP is a comprehensive free trade agreement being negotiated between the 10 ASEAN Member States and ASEAN’s free trade agreement partners Australia, China, India, Japan, Korea and New Zealand.
PM Narendra Modi sought to dispel the notion that India is as reluctant to join the RCEP trade deal. In a detailed interview to a Thailand Daily he said.
India remains committed to a comprehensive and balanced outcome from the ongoing RCEP negotiations but India would like a win-win outcome.
He added that addressing India’s concerns over unsustainable trade deficits is important. India made it clear that opening of its vast market must be matched by openings in some areas where Indian businesses can also benefit.
Overall, PM stressed that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of India and of all partners in the negotiation.
RCEP negotiations which began in Cambodia in 2012 covers areas, including trade in goods and services, investment, market access, economic cooperation, intellectual property and e-commerce.
All eyes will be on PM Modi as he tries to navigate the tough path of not letting an opportunity like this fritter away while at the same time keeping in view the best interests of Indian businesses and also Indias strategic priorities….RCEP is important but as PM put it candidly, the deal has to be in interest of all involved.