YSRCP: RCEP back out a breather for agri and industrial sectors

YSR Congress Party on Tuesday praised Prime Minister Narendra Modi for refusing to be a part of the Regional Comprehensive Economic Partnership (RCEP)  free trade agreement, saying that it is a breather for the agriculture and industrial sectors of the country. "The union government's decision in this regard is a breather for the agricultural and industrial sectors of the country. Had India entered into RCEP, the market would have flooded with imported products. The agreement would have adversely affected the interests of the local farmers and medium level industrialists. At present, already the agricultural and industrial sectors are facing many problems. The problems of these governments should be addressed first," said Vice Chairman of Agriculture Mission MVS Nagi Reddy while speaking to a news agency on Tuesday.

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Indian farmers, MSMEs, and dairy sector interests protected

India has decided to back out of the proposed RCEP agreement, even as 15 other nations, which participated in the negotiation for the pact, decided to go ahead and sign it in 2020. India decided to stay out of the RCEP because the draft agreement did not provide adequate protection against the surge in cheap imports, especially from China to India after the implementation of RCEP. The opt-out was in a bid to protect the interests of farmers, MSMEs and the dairy sector in the country.

“India has participated in good faith in the RCEP discussion and negotiated hard with the clear-eyed view of our interests. In the given circumstances, we believe that not joining the agreement is the right decision for India,” said Vijay Thakur Singh, Secretary (East), Ministry of External Affairs.

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What is RCEP?

The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) and its six FTA partners, launched in 2012. The member nations include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and the FTA members include China, Japan, India, South Korea, Australia, and New Zealand. The agreement aims at dropping tariffs and duties between the members to allow a free flow of goods and services.

(With ANI inputs)

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