New Delhi: Foreign Minister S Jaishankar said on Wednesday that India chose not to participate in the Regional Comprehensive Economic Partnership (RCEP) because a number of key concerns were not addressed.
During a virtual discussion at the Center for European Policy Studies, the foreign minister speaking at RCEP said: “We saw that some of our key concerns were not addressed. We had to take a call and then whether to enter into a trade agreement if our main concerns are not addressed. “
On November 15, India had chosen not to participate in the trade agreement, which was signed by 15 countries in Asia and the Pacific, including China.
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In November last year, India decided not to join the RCEP agreement because its main concerns were not addressed. Key reasons behind New Delhi’s decision to stay out of the world’s largest trade deal include inadequate protection against surging imports, insufficient differential with China, possible circumvention of rules of origin, keeping the base year like 2014 and no credible guarantees on market access and non-tariff barriers.
Jaishankar also spoke of the urgent need to reform the UN, saying that the United Nations (UN) must take into account the shortcomings that different countries are pointing to.
“Different people in different parts of the world are pointing out the shortcomings and relevance of the UN, it is something the UN should take seriously. It is common sense. Everything requires updating,” said Jaishankar.
“We cannot let the interest of one or two countries that want to freeze a moment in history for their perpetual benefit. The more we let this stagnation continue, it is hurting the UN,” he said.
On the proposed free trade agreement (FTA) with the EU, Jaishankar said that the Indian government had spoken of the need to resume negotiations on this and that India wants a “fair and balanced FTA” with the EU.
“After our government came to power, we repeatedly spoke about the need for negotiations. We want a fair and balanced FTA. I recognize that an FTA with Europe is not an easy negotiation. Talks are underway.”
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