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India didn’t join RCEP, as offer not matches our expectations: Sitharaman
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India didn’t join RCEP, as offer not matches our expectations: Sitharaman

Agency News

Chennai, Nov 24: Union Finance Minister Nirmala Sitharaman on Saturday said that India did not join the Regional Comprehensive Economic Partnership (RCEP) as the offer did not match our expectations and aspirations.

Addressing the 6th Ramachandran Memorial Lecture here, Sitharaman said India took the call not to join RCEP despite spending a considerable amount of time on the negotiating table. "The Indian government decided against joining RCEP, as the offer was not as much as our aspirations in particular sectors," she added.

India's decision to not to join the mega deal was announced by Prime Minister Narendra Modi during his speech at the RCEP Summit in Bangkok early this month. The RCEP negotiations were launched by ASEAN leaders and six other countries during the 21st ASEAN Summit in Phnom Penh in November 2012 with an objective to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member-states and their FTA partners.

Citing the reduction in corporate taxes she said the government is fast responding to the needs of various sectors. The government was taking efforts to ensure more regulatory mechanism in the banking sector to benefit bank account-holders, she said in the context of the PMC Bank and IL&FS issues. (UNI)