You are here: Home » Economy & Policy » News
Business Standard

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

Jaishankar said obviously in a globalised world, no economy can be an island unto itself

Topics
RCEP | rcep meet | S Jaishankar

Press Trust of India  |  New Delhi 

(Source: S Jaishankar)
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

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, March 07 2020. 23:02 IST
RECOMMENDED FOR YOU
.