Major Taiwanese newspaper China Times recently reported that, in a media interview, Indian Commerce Minister Piyush Goyal reiterated India’s refusal to join the Regional Comprehensive Economic Partnership (RCEP). He said that it is “not in India’s best interest” to sign an FTA (free trade agreement) with a country lacking economic transparency (like China).
RCEP’s original negotiation members in 2013 included India, and other countries believed that India’s role could be a check and balance to China. However, India has refused to participate in RCEP in 2019, citing unresolved issues regarding “core interests.” Goyal pointed out that, at the, time India had already signed FTAs with ASEAN, Japan and South Korea, and had reached a bilateral trade agreement with New Zealand worth approximately US$300 million. “Joining RCEP was not in the interests of our farmers and small and medium-sized enterprises, and to a certain extent, it is just an FTA with China,” he said. He further explained that, China’s economy is very opaque, “from trade to politics to management methods. No one in India wanted to sign an FTA with an economy with no transparency.”
Goyal also promoted the idea of India becoming a “Taiwan + 1” semiconductor country, aiming to attract business investment from companies that seek to diversify their computer chip supply chain away from just Taiwan.
Source: China Times, September 23, 2024
https://www.chinatimes.com/realtimenews/20240923004101-260410