Davos, Jan 21 (UNI) Commerce and Industry Minister Piyush Goyal on Tuesday said that it has been difficult India to commit itself to the Regional Comprehensive Economic Partnership as there are "several diversities among partners".
Speaking at the World Economic Forum meeting in Davos, Switzerland, Goyal said India is seeking more equitable terms in its trade ties with countries.
"We in India are also working on how to put in place more equitable terms in our trade relations with various countries."
He said India pulled out of the RCEP free trade agreement taking several factors into account and referred to the huge trade deficit the country runs, particularly with China.
External Affairs Minister S Jaishankar at the recent Raisina Dialogue said India has not closed its doors on the RCEP and will carry out a cost-benefit analysis and evaluate it on its economic and trade merit.
After years of negotiations, India in November pulled out of the RCEP negotiations saying that the proposed pact in its current form would have adverse impact on lives and livelihoods of all Indians.
The RCEP included 10 member countries of the Association of Southeast Asian Nations (Asean) and six of its dialogue partners -- China, Japan, South Korea, India, Australia and New Zealand.
Taking part on the session "Strategic Outlook: The Indian Ocean Rim", Goyal said greater cooperation is needed among nations to realise the "huge potential" of the Indian Ocean region.
On the agenda were advancing regional cooperation, strengthening the blue economy and mitigating climate change.
Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer DP World Limited, agreed with Goyal on the need for fair trade in the region.
"We need to see the ease of countries exchanging cargoes," he said.
The Indian Ocean Rim sees two-thirds of the world's oil shipments pass through its waters and is home to half of the world's container ships that support 2.7 billion people.
He said India’s growth is slowed by a lack of infrastructure, but he is encouraged to see the country embracing the technology of tomorrow.
UNI SRJ