Nov 17,2020:India has granted other countries “unfair” trade and manufacturing advantages “in the name of openness,” Foreign Minister S. Jaishankar said in a speech criticizing the effects of globalization on Monday. Speaking just a day after the signing of the Regional Comprehensive Economic Partnership (RCEP) in 15 countries, Jaishankar was particularly critical of trade deals which he said had forced India to “deindustrialize”.
“In the name of openness, we have allowed subsidized products and unfair production advantages from abroad to prevail. And all the while, it has been justified by the mantra of an open and global economy, ”Jaishankar said at the Deccan Dialogue conference supported by the Ministry of External Affairs.
Without referring directly to RCEP, the world’s largest trading bloc from which India decided to withdraw a year ago, Jaishankar said the government has decided to move away from trade deals, in favor of ‘an’ Aatmanirbhar Bharat (Autonomous India). Policy where India could decide the rules and consolidate “a global national power”.
“The past trade agreements have had the effect of deindustrializing certain sectors. The consequences of future commitments would lock us into global commitments, many of which are not to our advantage. Those who advocate openness and efficiency do not present the full picture, ”Jaishankar said, adding that India was not“ turning its back on the world ”but strengthening itself.
Jaishankar’s comments indicate that India is not currently considering an offer from RCEP countries to join the group at a later stage. In a separate statement, which Japan is said to have drafted, all RCEP countries pledged to resume talks with India, if and when it decides to reapply in writing.
