On X, Union Commerce Minister Piyush Goyal defended the Modi government’s 2019 decision to exit the Regional Comprehensive Economic Partnership, calling the move a ‘death knell’ averted for India’s manufacturing sector.
The Regional Comprehensive Economic Partnership, a 15‑country free‑trade pact led by China, Japan and the ASEAN states, promised lower tariffs but left India uneasy about a surge of cheap imports.
Goyal, who took over the commerce portfolio in June 2019, recalled poring over the government’s RCEP dossier and insisting that the deal offered insufficient safeguards for domestic producers.
Prime Minister Narendra Modi’s announcement on 4 November 2019 in Bangkok halted the negotiations, a move Goyal said was ‘strategic policy space preservation’ for Indian industry.
He warned that any future trade agreement must feature stringent safeguards to shield local manufacturers and urged ministries to keep a close eye on potential tariff reductions.