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India will enter into any FTA on its own terms: Piyush Goyal

31 Oct 2019 Evaluate

Commerce and Industry Minister Piyush Goyal has said that India would enter into any free-trade agreement (FTA) or comprehensive partnership agreement on its terms and would do what would be best for the people and national interest. He added that the country would not sign any FTA in a rush but will engage with the world without compromising the interest of domestic industry. He said ‘In terms of RCEP (Regional Comprehensive Partnership Agreement), lot of wrong information have been spread all over. Let me assure each one of you that India will no more sign any FTA in a rush. India is not in a weak leadership which had worked only on deadlines to execute FTAs. India will enter into an FTA or comprehensive partnerships on India's terms.’

The minister said the government is careful when it is negotiating trade agreements. Trade is a complex process, therefore he said ‘any engagement which we will do will result in the best for the people and our industry.’ He also said ‘We cannot remain in an isolated world also. We have to engage with the rest of the world. The world is moving towards more and more global integration. So, India will have to finally balance our imperatives to protect domestic interest, yet also engage with the rest of the world.’ He said ‘And that is the fine balance that the government is working on to ensure that we are part of international trading blocs and engagements but not in any way that compromises national interest.’

The RCEP is a mega free-trade agreement being negotiated by 16 countries. The members include ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), Australia, China, India, Japan, South Korea and New Zealand. The negotiations for the RCEP deal have reached at a fundamental phase as the member countries are targeting to conclude the talks by November. As per the target of the member countries, conclusion of the negotiations could be announced in the summit. Several domestic players from industries such as metals, dairy, electronics, and chemicals have raised serious concerns over this agreement due to the presence of China in the grouping, with which India has a huge trade deficit of over $50 billion.

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