RCEP decision in best interests of India, says Commerce Minister Piyush Goyal

Commerce minister Piyush Goyal on Tuesday said Prime Minister Narendra Modi has taken the best decision to opt out of RCEP keeping in mind the interests of domestic industry, small entrepreneurs and farmers. He said for the moment, the decision is final.

"The decision of Prime Minister to stay out of RCEP is the best decision keeping the interests of domestic industry, agri sector and small entrepreneurs in mind," he said at a media conference here.

Goyal said for the moment the decision is final on not joining RCEP but negotiations can be carried out if our demands on correcting adverse trade deficits, opening of markets for Indian products, not using India as a dumping ground for cheap and obsolete products are met.

He added that India is not isolated globally due to this decision.

"India has not got out of an acrimonious pact, so by staying out we have put forth our issues with logical reasoning, all countries have appreciated our stand. We have gone out with our head held high", Goyal said.

There was no last minute walkout from RCEP and we have been raising the same issues in RCEP negotiations for the last 5 years, he said adding that India will not be part of RCEP with the unsustainable trade deficit that we have today. So we don't have the tag of a deal breaker, the minister said.