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.
Prime Minister Narendra Modi in Bangkok said India will not join China-backed RCEP deal as negotiations failed to satisfactorily address New Delhi's 'outstanding issues and concerns'.
The Regional Comprehensive Economic Partnership (RCEP) is a mega free-trade pact being negotiated among 16 countries.
After India opted out, the leaders of 15 RCEP countries reportedly issued a statement resolving to sign the free trade pact next year.
Congress chief spokesperson Randeep Surjewala said it is a win for all those protecting national interests.
India opts out of world's biggest free trade deal RCEP, says it will create 'unsustainable trade deficits'
India has raised concerns about market access, fearing its domestic industries could be hard hit if the country is flooded by cheap Made-in-China goods.
Thailand had previously said it aimed to conclude negotiations by the end of the year.
She was talking at a strategy meeting of the Congress, which plans to hit the streets from November 5 to 15 to highlight the Centre’s failure to address slowdown, unemployment, agrarian crisis.
RCEP is a proposed free trade agreement between the ten member states of the Association of Southeast Asian Nations and its six other partner countries.
The finalised RCEP deal will facilitate creation of the biggest free-trade region in the world as the 16-nation grouping is home to 3.6 billion people.
Farmers will hold protests in their respective district centers on October 31 and will hand over their petition to the district commissioners.
The government's aim will be to back-load opening up markets in sensitive sectors such as automobiles and auto parts, textiles and readymade garments, leather goods etc.
The Animal Husbandry minister felt that the opening of free trade in the dairy sector will affect farmers of India, which is the world's largest producer of milk.
SIAM has been maintaining that free trade agreements with competing countries do not benefit Indian automobile industry.
The announcement comes a day ahead of PM Narendra Modi and Chinese President Xi Jinping’s informal summit at Mahabalipuram where the mega pact is expected to figure as part of the talks.