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India will be open to discussions on RCEP if demands met, trade deficit balanced: Piyush Goyal

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A day after India decided not to join Regional Comprehensive Economic Partnership (RCEP), Union Commerce and Industry Minister Piyush Goyal said that the country will be open to further discussion if its demands are met and the trade deficit is balanced.

"If all our demands are met and our trade deficit is balanced, we will open to further discussions. But for now, staying out of Regional Comprehensive Economic Partnership (RCEP) is the final decision," Goyal told the media here.

India on Monday decided not to join RCEP agreement as its key concerns were not addressed.

The key issues behind India's decision included inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, keeping the base year as 2014 and no credible assurances on market access and non-tariff barriers.

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

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

First Published: Tue, November 05 2019. 21:53 IST