On Monday, it was decided that it would not be part of the 16-nation RSEP trade agreement. India said that the current form of the RSEP agreement does not satisfactorily address India’s long-standing issues and concerns.
♦Addressing the RSEP summit here, it highlighted India’s concerns and said, “It is not possible for India to join the RSEP agreement”.
Modi said that India is in favor of greater regional integration as well as more free trade and compliance with a rule based international system.
He said, ‘India has been actively, constructively and meaningfully involved in the negotiations of Arcep since the beginning. India has worked with the objective of balancing the transaction spirit.
Prime Minister Modi said, ‘But in these seven years of negotiations started on the RSEP, many things have changed, including the global economic and trade scenario. We cannot ignore these changes. The current form of the RSEP agreement does not fully reflect the basic spirit and accepted guiding principles of the RSEP. It also does not satisfactorily address India’s long-term issues and concerns in the current situation. ‘
Modi said, ‘Indian farmers, traders, professionals and industries have a stake in such decisions. Workers and consumers are equally important, making India a huge market and the third largest economy in terms of shopping.
The Prime Minister said, ‘When we assess the RSEP agreement keeping in mind the interest of all Indians, I do not get any positive answer. That is why neither the talisman of Gandhiji nor my soul allows me to join the RSEP.
15 countries said in a statement that they have completed text-based negotiations for all 20 chapters and all issues related to market access. They now have to finalize the legal side so that the agreement can be signed in 2020.
Rsep’s statement said, “There are many issues in India, which could not be resolved.” All the countries participating in the RSEP will work to resolve these pending issues satisfactorily among themselves.
According to sources, India is not running away from opening the doors of global competition in all regions, but it has taken a strong stand for one result, which is favorable to all countries and all sectors.
India has also rejected the argument that it is asking for the last minute in the RSEP. Sources said that India’s stand on this issue has been stable and clear from the beginning.