Reportedly india has decided to not join the Regional Comprehensive Economic Partnership (RCEP) agreement over India's concerns not being addressed in the deal. Meanwhile according to sources in the government, india has decided not to join RCEP and PM narendra modi has stood firm on the issue that India's concerns were not addressed in the agreement. Sources said the RCEP agreement with china and Asean countries does not reflect "its original intent" and the outcome is "not fair or balanced".
Furthermore in his speech at the ongoing RCEP summit in Bangkok, PM modi said, india stands for greater regional integration as well as for freer trade and adherence to a rule based international order. india has been pro-actively, constructively and meaningfully engaged in the RCEP negotiations since inception. india has worked for the cherished objective of striking balance, in the spirit of give and take."
Moreover PM modi added the present form of the RCEP Agreement does not fully reflect the basic spirit and the agreed guiding principles of RCEP. It also does not address satisfactorily India's outstanding issues and concerns in such a situation, it is not possible for india to join RCEP Agreement. Perhaps sources said china was forcefully pushing for inking the deal during the RCEP summit on monday, which was seen as an attempt to counter-balance the impact of its lingering trade war with the US as well as to project the region's economic might to the West.
