Siddaramaiah demands all-party meeting to discuss RCEP agreement

Senior Karnataka Congress leer and former Chief Minister Siddaramaiah on Friday demanded that Karnataka CM BS Yediyurappa should convene an all-party meeting to discuss implications of Regional Comprehensive Ecomic Partnership (RCEP) agreement. He opined that this free-tre agreement would have a negative impact on agriculture, animal husbandry, and pharma sector. Alleging that whole process under RCEP was t transparent, he declared that Congress would protest if government signed agreement on vember 4.  

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What is RCEP agreement? 

India is on verge of signing a comprehensive free-tre agreement in form of RCEP that involves 10 ASEAN countries: Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, Brunei, Cambodia, Laos, and six countries se countries have free-tre agreements with - Australia, China, India, Japan, New Zealand, and Korea. This bloc comprises 25% of world’s Gross Domestic Product, 30% of global tre and 26% of Foreign Direct Investment (FDI) flows. Basically, it aims to reduce tariffs and quotas on import and export of products. Since 2013, this agreement is being negotiated, and India has been trying to resolve problems with or countries regarding tariffs. However, agreement is finally near completion. 

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Opposition to agreement

A number of Indian industries are amantly against agreement and changes which it will inflict upon country’s markets. dressing a press conference in national capital on Friday, Congress leer opined that balance of tre was heavily in favour of China. He claimed that India becoming a signatory to RCEP agreement would be third biggest jolt to ecomy after demonetisation and GST.  

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