Modi gets praised for walking out of 'disastrous' RCEP
- IndiaGlitz, [Tuesday,November 05 2019]
“Neither the Talisman of Gandhiji nor my own conscience permit me to join the RCEP, Narendra Modi has said soon after deciding not to sign the RCEP agreement, which would have been disastrous for the Indian economy in the absence of competitiveness.
The Prime Minister's firm stand has come in for praise from various quarters. The RCEP agreement does not reflect its original intent. The outcome is neither fair or balanced. Gone are days when Indian negotiators caved into pressures from global powers on trade issues. This time, India played on the front foot, stressing on the need to address India’s concerns over trade deficits and the need for countries to open markets to Indian services and investments, a government source has been quoted saying by a news agency.
Noted analyst Brahma Challaney, India isn't an export-driven economy; rather it is an import-dependent economy relying on domestic consumption for growth. It hasn't tangibly benefited from FTAs. In the absence of a fair deal, Modi has wisely decided against joining RCEP — effectively a back-door FTA with China.
The Prime Minister's bold decision of not entering the RCEP agreement will benefit the country’s small businesses, farmers, dairy, data security, and manufacturing sector. Kudos for keeping India First, the ruling BJP said, welcoming Modi's decision.