India Says No To RCEP – Free PDF Download

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RCEP is a proposed Free Trade Agreement (FTA)

“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.”

Inadequate protection against surges in imports. Cheaper products from China would “flood” the market. (No anti-dumping duty) India has also not received any credible assurances on its demand for more market access in services.
India’s concerns over non-tariff barriers. China is known to have used non-tariff barriers in the past to prevent India from growing its exports to the country.
Concerns on a “possible circumvention” of rules of origin — the criteria used to determine the national source of a product — were also not addressed.

India had also sought 2014 base year for tariff reductions instead of 2013.
India has raised import duties on several products between 2014 and 2019.
Using a base year before 2014 would mean a drastic drop in the import duties on these products.

This could have further impacted the economy which is already under tremendous pressure after Demonetization & GST.
The worst hit manufactures through RCEP could be- steel and aluminum, copper, pharmaceuticals and textile.
It could threaten farm livelihoods, autonomy over seeds and also endangers the country’s self-sufficient dairy sector.

India will certainly loose its business in the region but had India signed the agreement it could have been much worse. ($5 trillion)
India must try to make its products & market more competitive.
India should be firm in its demand and not come under any International pressure.
There is always a bright future if India is able to negotiate.