New Delhi: Union Commerce and Industry Minister Piyush Goyal said on Wednesday that India is in favor of starting negotiations for a balanced, ambitious, comprehensive and mutually beneficial agreement on trade and investment protection.
Mr. Goyal while addressing the World Economic Forum’s Global Business Session online said that the Regional Comprehensive Economic Partnership (RCEP) was not a balanced agreement as it would harm India’s farmers, small industries – MSMEs, dairy industry and hence for India. It was an understanding not to join the RCEP.
He said India looked forward to trade and investment negotiations and potential for economic growth and prosperity for the people of Britain and European Union countries. Countries and institutions like India, UK, EU, Australia, Canada and USA are similar in terms of democracy, transparency, rule of law, freedom of courts, rules of investment, etc. Also, Indian trade with these countries Is balanced.