Industry, merchants and farmers welcome India's decision not to sign the RCEP

New Delhi, November 4 () Industry, merchants and farmers appreciated on Monday the decision of the Modi government not to join the mega Regional Integral Economic Association (RCEP) backed by China.

The country's main milk supplier, Amul, described the measure as a milestone.

Prime Minister Narendra Modi in Bangkok said that India will not join the China-backed RCEP agreement as negotiations failed to satisfactorily address the pending issues and concerns of New Delhi.

He made the announcement during his speech at the RCEP Summit here, which was attended by several world leaders, including Chinese Prime Minister Li Keqiang.

IIC appreciates the position of the Government of India to address all outstanding issues before joining RCEP, said Vikram Kirloskar, president of the Confederation of Indian Industry.

He said the IIC will continue to support and work with the government in its effort to integrate with the global economy through mutually beneficial trade agreements.

The long-term interest of the industry in India is to integrate well into global value chains and beneficial trade agreements could play an important role in realizing this interest, Kirloskar said.

The president of the FICCI, Sandip Somany, said that the camera fully supports the decision of the prime minister not to join the RCEP, since the various concerns of India remain unresolved and so far several problems have not been resolved in the proposed agreement In negotiation.

In recent months, a large number of sectors have expressed serious fears and reservations about RCEP, including steel, plastics, copper, aluminum, machine tools, paper, cars, chemicals, petrochemicals and others said.

In addition, there was not enough positive progress in the area of ‚Äč‚Äčtrade in services, including easier mobility for our professionals and service providers, Somany said.

The CAIT merchants agency said that Chinese products, which have a very low price and poor quality, are creating an imbalance in Indian markets.

CAIT Secretary General Praveen Khandelwal appealed to the Prime Minister that after this historic movement, the government should now work diligently to create a more conducive environment for retail trade in India and also erase all anomalies and imbalances. created by the Law that violates e-commerce companies.

The dairy industry had expressed fear that the 16-nation trade pact would severely impact dairy producers due to cheaper imports from Australia and New Zealand.

The main dairy producer, Amul MD R S Sodhi, described the movement as daring and milestone that will protect the interest of 10 crore farmers engaged in the production of milk and related products.

Sodhi said the Prime Minister assured the industry that the government would protect their interests.

If finalized, the RCEP would have become the largest free trade area in the world, which comprises half of the world's population and will represent almost 40 percent of world trade and 35 percent of GDP.

The sources said that, except India, the 15 RCEP member countries were on board to finalize the agreement at Monday's summit.

Commenting on the measure, the Kgha Sangharsh Coordination Committee of all India (AIKSCC) is happy that good sense has prevailed over the government and its decision to exchange the lives and livelihoods of millions of farmers, workers and small Business. avoided

AIKSCC sincerely hopes that this Government will not try any backdoor method to sabotage the interest of Indian farmers and farm workers through trade agreements, it said in a statement. Nitin Kunkoleinker, president of MAIT, said the decision is a very encouraging step for Indian manufacturing, especially for the IT and electronics manufacturing sector, as it reiterates the government's strong support for industry growth. NKD MJH CS MR MR