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Speaking at a session at the World Economic Forum (WEF) annual summit here, the Commerce and Industry Minister also said the government will hold discussions with Britain and European Union on free trade agreements.
“… things have once again started showing an uptrend… economy is well poised to take off from here,” Goyal said.
According to him, the enthusiasm to make investments in India is infectious.
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On RCEP, Goyal said it was an “unbalanced trade agreement, which was really not fulfilling the guiding principles on which RCEP started about eight years ago, therefore India chose not to participate in it”.
Out of the RCEP countries India already has bilateral trade agreements with ASEAN 10 with Japan and Korea, we are close to concluding negotiations with Australia which we have restarted now and in the next 6 to 8 months we are can close a bilateral trade partnership with Australia, he said.
“RCEP was effectively becoming a free trade agreement between China and India. I don’t think India is ready to engage unless we see open government, better transparency, regulatory practices being followed, and a greater market access for Indian goods and services on a reciprocal basis,” he said