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Foreign Minister explained this reason for not joining this agreement





RCEP trade deal: Foreign Minister explained the reason for not joining this agreement

India did not join the Regional Comprehensive Economic Partnership (RCEP) trade agreement because it would have “negative consequences”, although the country is interested in a “fair and balanced” free trade agreement with the European Union (EU), Jaishankar said on Wednesday.

New Delhi indicated its concerns with the RCEP at the East Asia Summit a year ago as several key concerns were not addressed during the lengthy negotiations for the trade agreement, Jaishankar said on the India-EU relations organized by the Center Said during an online conversation. “We have at this point of time (RCEP) said that it is not in our interest to join this agreement, as it will have immediate negative consequences for our own economy,” he said.

The 10 member states of the Association of Southeast Asian Nations (ASEAN) and Australia, China, Japan, New Zealand and South Korea signed the RCEP on Sunday. Japan drafted the ministers’ declaration that left the door open for India to join the world’s largest trading bloc, covering about one-third of the global economy.

Referring to the long-delayed proposal for a free trade agreement (FTA) with the European Union, Jaishankar said that the Indian government had spoken of the need to resume negotiations on it.

He said that India wants a “fair and balanced FTA” with the European Union.

“I know that an FTA with Europe is not an easy negotiation.

In the world, this should be the toughest compromise because it is a high standard FTA, ”he said. He said the two sides were looking at various proposals, including a separate agreement on investment or an “early harvest” deal.

Jaishankar also highlighted the importance attached by India to mobility agreements with European states to facilitate the movement of skilled professionals. He said that there are about 34 million people of Indian origin worldwide, including about nine million in West Asia. Jaishankar also spoke of the urgent need for reform in the United Nations: “After all, in our lives, what is it that is 75 years old that you are still using? Everything needs some kind of refreshing (and) updating and we cannot leave the interests of one or two countries that want to continue a moment of history for their continued benefit. “

He said, “Now we allow it to be deadlocked, this gridlock continues –

Clearly, it is harming the United Nations. ”

I don’t think the United Nations is coming out of this.

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Apple, Amazon, Alibaba and Pepsi beat Reliance JIO to become world’s 5th strongest brand, read full news…




Apple, Amazon, Alibaba and Pepsi beat Reliance JIO, world's 5th largest brand, read full news ... Worlds Top 10 Stongest Brand

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