Asia of rivalries will hold region back: PM Modi

Sending out a strong message against protectionism, Modi said, “Solutions cannot be found behind walls of protection, but in embracing change. What we seek is a level-playing field for all. India stands for open and stable international trade regime.” 

India will support a rule-based, open, balanced and stable trade environment in the Indo-Pacific region, which lifts up all nations on the tide of trade and investment, he added.

“That is what we expect from Regional Comprehensive Economic Partnership. RCEP must be comprehensive, as the name suggests, and the principles declared. It must have a balance among trade, investment and services,” the PM said.

RCEP is a proposed free trade agreement (FTA) between the 10 member states of ASEAN nations and the six states with which ASEAN has existing free trade agreements, Australia, China, India, Japan, South Korea and New Zealand. Referring to the Indo-Pacific, Modi said a common rules-based order for the region should be evolved through dialogue, asserting that the rules must equally apply to all individually as well as to the global commons.

“Such an order must believe in sovereignty and territorial integrity, as well as equality of all nations, irrespective of size and strength. These rules and norms should be based on the consent of all, not on the power of the few. This must be based on faith in dialogue, and not dependence on force,” he said.

Several leading powers including the US, Australia, Japan and India have been pressing for a free, open and inclusive Indo-Pacific in the backdrop of China flexing its military muscles in the region.