Bangkok, Nov 4: India on Monday declined to join the proposed mega trade pact Regional Comprehensive Economic Partnership in 'national interest' with Prime Minister Narendra Modi asserting that he was "guided by the impact" it would have on the lives of all its people.
Besides Rules of Origin, New Delhi has reservations over the elimination of import duties, market access for its services and easier investment laws. Domestic industry fears that lower customs duty will see a flood of imports from China.
According to government sources, India decided not to sign the RCEP pact as "key concerns were not addressed". "There will be no compromise on core interests," a source said on the condition of anonymity. (UNI)