Moving out of RCEP in interest of India's business, says MEA Jaishankar

Moving out of the Regional Comprehensive Economic Partnership (RCEP) was in the interest of India's business, External Affairs Minister S Jaishankar said on Saturday.

He said India's trade-related engagements with other countries must be objectively assessed and its outcomes primarily justified by trade calculations and not by political correctness.

"In a world that is more narrowly economic, trade negotiations have acquired a higher profile in international affairs. Much of that arises from the behaviour of America, the strategy of China, the approach of Japan and the focus of Europe. As a nation that is still to integrate itself into global supply chains, develop its infrastructure and scale up its capabilities, these are not easy times," the minister said.

Speaking at the ET Global Business Summit, Jaishankar said obviously in a globalised world, no economy can be an island unto itself.

Asserting that the "rise of India" is underway, he said it is based, amongst other things, on the rise of Indian businesses many of which operate abroad and as per global norms expect the support of their government.

"They are entitled to it (support) and our obligation is to provide it. Their quest to expand market share and penetrate new markets is entirely understandable. Here too, they deserve full backing and I can assure you, will get it," he said.

"But the exercise of engagement and its terms must be very objectively assessed. Trade outcomes must be primarily justified by trade calculations, not by political correctness. Their gains must be visible, probable and practical; not just hypothetical scenarios," he said.

The Union minister further said moving out of the Regional Comprehensive Economic Partnership (RCEP) was in the interest of India's business.