Bangkok (NVI): India wants a mutually beneficial, “balanced and win-win outcome” in the negotiations for a China-backed regional trade pact of Regional Comprehensive Economic Partnership (RCEP), Prime Minister Narendra Modi said on November 2.
“We have put forward reasonable proposals in a clear manner and are engaged in negotiations with sincerity,” he said in an interview with the Bangkok Post. He is in Bangkok to attend a crucial meeting of Association of Southeast Asian Nations (ASEAN) bloc that will seek a breakthrough in talks for RCEP. .
When pointed out that India is perceived as reluctant to join the RCEP trade deal, Modi said “We would like to see commensurate levels of ambition on services from many of our partners, even as we are ready to address their sensitivities.” he said.
“We recognise the high ambitions of our partners on goods. We too would like a win-win outcome. We believe that for this, addressing our concerns over unsustainable trade deficits is important. It needs to be recognised that opening the vast Indian market must be matched by openings in some areas where our businesses can also benefit,” he said.
“India remains committed to a comprehensive and balanced outcome from the ongoing RCEP negotiations. Their successful conclusion is in the interest of everyone involved. Hence, India seeks balance across goods, services and investments, and also within each pillar,”
“We recognise the high ambitions of our partners on goods. We too would like a win-win outcome. We believe that for this, addressing our concerns over unsustainable trade deficits is important. It needs to be recognised that opening the vast Indian market must be matched by openings in some areas where our businesses can also benefit,” Modi added.
“Overall, we are clear that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of India and of all partners in the negotiation, Indian Prime Minister said.
