Given the huge steel capacity available with China, the Indian Steel sector could have faced a threat from cheap Chinese steel imports. Under the Regional Comprehensive Economic Partnership (RCEP), such imports would have got the advantage of preferential tariff and harmed the Indian Steel Industry. 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 November 4 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 the 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.
This information was given by the Union Minister for Steel Shri Dharmendra Pradhan in a written reply in the Lok Sabha on Monday.