Concerns not addressed, India not reconsidering joining RCEP, says Piyush Goyal

In 2019, India conveyed its position that current structure of RCEP did not address the outstanding issues and concerns of the country.

By: PTI
New Delhi | Updated: December 6, 2024 06:32 PM IST

2 min read

Commerce & Industry Minister Piyush Goyal said India's imports from China have jumped to $101.74 billion in 2023-24 from $70.32 billion in 2018-19. (PTI Photo)

India in 2019 decided not to join the mega free-trade agreement RCEP as the pact was not addressing its concerns and since then there has been no change in that position, Commerce and Industry Minister Piyush Goyal said on Friday.

The RCEP (Regional Comprehensive Economic Partnership) agreement is being negotiated among 10 Asean members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their six free-trade pact partners Australia, China, India, Japan, South Korea, and New Zealand.

In a written reply to the Rajya Sabha, Goyal said that the structure of RCEP did not adequately address the ambitions and concerns of India’s stakeholders.

Due to that, India decided not to join the bloc, in its current form.

‘Current structure doesn’t address concerns’

Accordingly, during the third RCEP Leaders Summit held on November 4, 2019, in Bangkok, India conveyed its position that current structure of RCEP did not address the outstanding issues and concerns of the country.

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“There has been no change in India’s position since then,” Goyal said.

He replied to a question about whether the government is re-considering joining the agreement.

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The remarks assume significance as in November Niti Aayog CEO BVR Subrahmanyam stated that India should be a part of the RCEP.

Goyal also said that India’s imports from China have jumped to $101.74 billion in 2023-24 from $70.32 billion in 2018-19.

However, exports dipped to $16.66 billion in the last financial year from $16.75 billion in 2018-19.

“Most of the goods imported from China are capital goods, intermediate goods, and raw materials, and are used for meeting the demand of fast-expanding sectors like electronics, telecom, and power in India,” he said.

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