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India's decision to not sign RCEP is a result of PM Narendra Modi's strong leadership: Shah

ANI  |  General News 

After India decided not to join the Regional Comprehensive Economic Partnership (RCEP) agreement, Union Home Minister on Monday said the decision is a result of Prime Minister Narendra Modi's "strong" leadership and "unflinching" resolve to ensure interest in all circumstances.

"India's decision to not sign RCEP is a result of PM Narendra Modi's strong leadership & unflinching resolve to ensure interest in all circumstances. It shall ensure support to our farmers, MSMEs, dairy & manufacturing sector, pharmaceutical, steel & chemical industries," he tweeted.

"PM Narendra Modi's firm stand over the years of not going ahead with a deal if our" interests are not taken care off, is a welcome break from the past, where a weak UPA government ceded precious ground on trade and could not protect interest," Shah tweeted.

BJP working JP Nadda also gave credit to Prime Minister Modi's strong and decisive leadership behind the decision.

"India did not bow down to global pressure and give away its economic interests unlike previous Congress-led governments which opened Indian market through weak FTAs. PM Narendra Modi ji has again shown his commitment to safeguard the interests of the poor," he tweeted.

"The BJP congratulates Hon PM @narendramodi ji, who is recognised world over as a tough negotiator for his decisive leadership to protect our national interest. Under him India's foreign policy reflects India First," Nadda said in another tweet.

India has decided not to join the RCEP agreement as its key concerns have not been addressed, government sources said.

They said that Prime Minister Narendra Modi stood firm as India's key concerns were not addressed.

The key issues include- inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, the base year remaining as 2014 and no credible assurances on market access and non-tariff barriers.

The Prime Minister had said earlier that India remains committed to a comprehensive and balanced outcome of RCEP negotiations and seeks balance across goods, services and investments and also within each pillar.

RCEP is a proposed free trade agreement (FTA) between the ten member states of ASEAN and six FTA partners.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 20:37 IST
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