India's concerns over unsustainable trade deficit is important
Prime Minister Narendra Modi will participate in the East Asia and RCEP summits in Bangkok today. Besides he will also hold meetings with Japan Prime Minister Shinzō Abe, Vietnam PM Nguyen Xuan Phuc and Australian PM Scott Morrison in Bangkok, before he returns to Delhi tonight.
Prime Minister would be steering India’s negotiations at the Regional Comprehensive Economic Partnership or the RCEP. RCEP is a comprehensive free trade agreement being negotiated between the 10 ASEAN Member States and ASEAN's free trade agreement partners Australia, China, India, Japan, Korea and New Zealand.
Prime Minister Narendra Modi sought to dispel the notion that India is as reluctant to join the RCEP trade deal. In a detailed interview to Bangkok Post he said, India remains committed to a comprehensive and balanced outcome from the ongoing RCEP negotiations but India would like a win-win outcome.
He added that addressing India's concerns over unsustainable trade deficits is important.
Prime Minister expressed that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of India and of all partners in the negotiation.
RCEP negotiations which began in Cambodia in 2012 covers areas, including trade in goods and services, investment, market access, economic cooperation, intellectual property and e-commerce