New Delhi (NVI): India did not join Regional Comprehensive Economic Partnership (RCEP) as there were apprehensions that huge steel capacity with China could have threatened India’s domestic industry, the Lok Sabha was told today.
RCEP is an agreement of 10-member Association of Southeast-Asian Nations proposed to be signed with six dialogue partners including India.
Under RCEP, such imports would have got the advantage of preferential tariff and harmed the Indian steel industry, Union Minister Steel Dharmendra Pradhan said in a written reply.
The Government’s decision not to join RCEP has been welcomed by the domestic steel industry.
During the 3rd RCEP summit, which was held on November 4th, in Bangkok, India highlighted the fact that the current structure of RCEP did not fully reflect the RCEP guiding Principles or address the outstanding issues and concerns of India, in light of which India did not join the consensus.
India also stated that the Act East Policy was the bedrock of India’s economic policy and India’s engagement with other trading partners would continue.
-sb
