Act East Policy for regional trade
The cheaper Chinese imports would have got the advantage of preferential tariff and harmed the Indian Steel Industry, said Steel Minister Dharmendra Pradhan in parliament on 2 Dec 2019.
The Government’s decision not to join RCEP has been welcomed by the domestic steel industry.
During the 3rd RCEP summit, which was held on 4 November 2019 in Bangkok, India highlighted the fact that the current structure of RCEP did not fully reflect the RCEP Guiding Principles or address the outstanding issues and concerns of India, in light of which India did not join the consensus.
India also stated that the Act East Policy was the bedrock of India’s economic policy and India’s engagement with other trading partners would continue. fiinews.com
