Piyush Goyal takes U-turn, thanks PM Modi for not joining RCEP

“I also thank PM Modi for his invaluable support and strong leadership. He has once again shown his concern for the farmers, dairy sector, MSMEs and domestic manufacturing. This will boost Make in India,” he added.

Congratulate PM @narendramodi for his bold and courageous decision to not join RCEP, since it was against our economic interests and national priorities. Modi hai to mumkin hai!

— Piyush Goyal (मोदी का परिवार) (@PiyushGoyal) November 4, 2019

Goyal also said India has consistently stood its ground to uphold its demands, particularly over controlling trade deficit, stronger protection against unfair imports and better market opportunities for Indian goods.

Goyal’s comments hold significance as he was leading the Indian delegation which was trying to seal the RCEP deal ahead of the summit. He had also voiced his support for India being part of the deal, saying that isolating the country by refraining from such trade deals will do it harm.

Explained: What is the RCEP trade deal?

“Like FTAs (which) where signed in the past with a forced deadline, our government will never do it. It will ensure sufficient, adequate safeguards for the Indian industry while also ensuring huge business opportunities for India, particularly when dealing internationally,” he had said.

Goyal had also warned the speculators to not create “fear psychosis” which is unwarranted and unfair to the people of India.

During his speech at the RCEP Summit on Monday, Modi announced that India will not join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi’s “outstanding issues and concerns”. While the BJP hailed the decision to not join RCEP, the Congress claimed victory of its forceful opposition to the government.

India’s opting out of the deal stems from the fear that some domestic sectors may be hit by cheaper alternatives from other RCEP countries. Apprehensions have been expressed that cheaper Chinese products would “flood” India.