New Delhi, Nov.5- India opted out of the Regional Comprehensive Economic Partnership (RCEP) on Monday, with PM Narendra Modi putting his foot down and saying the country’s concerns were not addressed.
“Our farmers, traders, professionals and industries have stakes in such decisions. Equally important are workers and consumers, who make India a huge market and the third biggest economy in terms of purchasing power parity. When I measure the RCEP agreement with respect to the interests of all Indians, I do not get a positive answer. Therefore, neither the talisman of Gandhiji nor my own conscience permit me to join RCEP,” Modi said at the RCEP Summit in Thailand, seven years after negotiations started for formation of what could have been the world’s largest trading bloc.
“The proposed RCEP involves Asean’s 10 member states, plus China, Japan, South Korea, Australia and New Zealand — which altogether contribute one-third of the world’s gross domestic product”. Since the arrogant India citing cheap Chinese goods inflitration: Japan and South Korea are not concerned by the way, has opted out of the above powerful economic block, as it did when the ASEAN was proposed, Modi with his limited wisdom does not realise the adage: better to keep China in the tent “. What a retrogade step by him and his government to lose not being part of that large trading block!1