Senior Congress leader Anand Sharma on Tuesday described India's decision of not joining the Regional Comprehensive Economic Partnership (RCEP) as "unfortunate and ill advised", asserting that it was in the country's strategic and economic interests to be a part of the process of Asia-Pacific integration.
Even as the 10-member ASEAN bloc has signed the Regional Comprehensive Economic Partnership (RCEP) with five economies led by China, India is going to follow the policy of wait and watch till the new US presidency assumes office.
China and 14 other Asian countries have agreed to form the world's largest free trade bloc with nearly a third of all economic activity.
The government was making 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.
Prime Minister Narendra Modi on Monday conveyed India's decision not to join the RCEP deal at a summit meeting of the 16-nation bloc, effectively wrecking its aim to create the world's largest free trade area having half of the world's population.
Neither the Talisman of Gandhiji nor my own conscience permit me to join RCEP, Prime Minister Narendra Modi said on Monday as he decided not to join China-backed mega Regional Comprehensive Economic Partnership (RCEP) deal.
India on Monday decided against joining the 16-nation RCEP trade deal, saying it was not shying away from opening up to global competition across sectors but had made a strong case for an outcome which is favourable to all countries and all sectors.
Responding to the Congress leader's attack, Goyal sought to know where was she when her government forced India to join RCEP negotiations with China.
The Regional Comprehensive Economic Partnership (RCEP), comprising the 10-member ASEAN bloc and six other countries -- India, China, Japan, South Korea, Australia and New Zealand -- is engaged in negotiations for a free-trade pact.
Modi said India is “clear” that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of the country and of all nations involved in the negotiation
The domestic industry is not convinced that the proposed mega free-trade agreement RCEP will create a win-win situation for all, the commerce ministry said on Tuesday.
An influential Chinese think-tank has said that Beijing should be ready to push for a regional economic pact without India.
Singapore: India and Singapore yesterday expressed the hope that negotiations for the second review of a bilateral economic cooperation agreement would be completed soon, which would send a positive signal to the business community.Singapore's Foreign
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