Regional Comprehensive Economic Partnership: Govt to protect local firms

The central government on Wednesday said it will protect the interest of industry and ensure huge opportunities for exporters while getting into the proposed mega free trade agreement RCEP.

Commerce and Industry Minister Piyush Goyal said that India has invited representations from all 15 countries of RCEP bloc on September 14 and 15 here to discuss ideas related to the pact.

Regional Comprehensive Economic Partnership (RCEP) agreement is being negotiated between 16 countries including 10-nation grouping ASEAN and India, China, Japan, South Korea, Australia and New Zealand.

“As long as India’s domestic industry and our national interest is protected, the faster it is done the better it is for India because the agreement which we will finalise, if we agree to finalise and join, will necessarily rest on the pillar of national interest and it will necessarily give adequate protection to indian industry, will necessarily ensure that it does not allow indiscriminate imports to come in and will necessarily provide huge opportunity for Indian exports and job creation,” Goyal said. It t is on these pillars, India is negotiating with the members of RCEP. The minister said while negotiating such a pact, one has to be keep negotiating and get the best which is in the national interest.

“We are not like Ostrich...you have to be nimble footed and keep negotiating,” he added.