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India decided not to join RCEP trade deal -PM Modi

Published 11/04/2019, 09:23 PM
Updated 11/04/2019, 09:24 PM
India decided not to join RCEP trade deal -PM Modi

NEW DELHI, Nov 4 (Reuters) - India has decided not to sign
the Regional Comprehensive Economic Partnership due to
differences over tariffs, its trade deficit with other countries
and non-tariff related barriers, Prime Minister Narendra Modi
was quoted as saying on Monday.
"Present form of the RCEP Agreement does not fully reflect
the basic spirit and agreed guiding principles of RCEP," Modi
was quoted saying by Indian public broadcaster Prasar Bharati
News Services in a tweet. "It does not address satisfactorily
India's outstanding issues and concerns."
"It is not possible for India to join the #RCEP Agreement,"
the broadcaster further quoted Modi as saying in the tweet.
The 15 Asia Pacific countries concluded negotiations for the
mega regional trade pact on Monday without India, the ASEAN
countries said in a statement. India has been worried that the agreement, which requires
the gradual elimination of tariffs, will open up the country's
domestic markets to a flood of cheap Chinese goods and
agricultural produce from Australia and New Zealand that will
harm local producers.

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