India’s commerce minister, Piyush Goyal, has rejected joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal, stating that it is not in India’s interest to have a free trade agreement with China. The RCEP deal, signed by 15 Asia-Pacific countries, did not align with India’s principles and aspirations for its industries. Goyal also emphasized India’s ambitions to become a semiconductor hub, positioning itself as an alternative to Taiwan for chip manufacturing. The country has been actively attracting foreign companies and forming partnerships to boost its semiconductor industry. Goyal highlighted India’s advantages such as size, democracy, and rule of law, making it a compelling choice for semiconductor manufacturing.
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