No FTA with nations you have armed conflict with: Fin secy on RCEP decision

Somanathan said that a dose of carefully calibrated tariff protection for select sectors showing potential may be desirable

India did not join the Regional Comprehensive Economic Partnership (RCEP) due to strategic considerations, said Finance Secretary TV Somanathan, pointing at the border stand-off  with China, a key member of the trading bloc. Besides, some free trade pacts India has signed have had large trade diversions and little benefit as partner countries resorted to non-tariff barriers, he said

“I am not aware of too many countries which have signed FTAs with countries with whom they have live armed conflicts," the finance secretary said. India decided against joining RCEP in 2019, which includes China and the Association of Southeast Asian Nations