India's commerce minister, Piyush Goyal, has reiterated India's stance against joining the Regional Comprehensive Economic Partnership (RCEP), citing concerns over its impact on domestic farmers and small businesses. He emphasized that RCEP would essentially be a free trade agreement with China, which does not align with India's national interests.
India 's commerce and industry minister ruled out the idea of joining the Regional Comprehensive Economic Partnership , maintaining that it is not in the country's interest to be part of a free trade agreement with China .
Goyal noted that China, at that time, already had a free trade agreement with ASEAN, Japan and Korea."It was not in our farmers' interest, RCEP did not reflect the aspirations of our small and micro medium industries and sector, and in some form, was nothing but a free trade agreement with China," he said.
Goyal also accused China of using the World Trade Organization's policies to its advantage, flooding various economies with goods at low prices which often do not meet quality standards. Spinning off that idea, Goyal thinks India can become an alternative place in the region for companies that want to diversify outside of Taiwan for semiconductors.
RCEP India China Free Trade Agreement Economic Partnership
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