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India opted out of RCEP to protect domestic industry from cheap imports: Piyush Goyal

"We wanted agriculture, dairy out of regional trade pact," Goyal said at a press briefing.

November 05, 2019 / 07:50 PM IST

India's decision to not join the Regional Comprehensive Economic Cooperation (RCEP) was to protect local companies from cheap imports, Commerce and Industry Minister Piyush Goyal said on November 5.

"We wanted agriculture, dairy out of regional trade pact," Goyal said at a press briefing.

The Indian government on November 4 announced that it has decided not to join the RCEP as negotiations failed to address New Delhi's concerns.

Goyal said that India took a tough stand during RCEP negotiations as concerns on dairy, pharma, agriculture, and chemicals were not resolved.