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 Regional Comprehensive Ecomic Partnership (RCEP)  free tre agreement, saying that it is a brear for agriculture and industrial sectors of country. " union government's decision in this regard is a brear for agricultural and industrial sectors of country. H India entered into RCEP, market would have flooded with imported products. agreement would have versely affected interests of local farmers and medium level industrialists. At present, alrey agricultural and industrial sectors are facing many problems. problems of se governments should be dressed first," said Vice Chairman of Agriculture Mission MVS Nagi Reddy while speaking to a news ncy on Tuesday.

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Indian farmers, MSMEs, and dairy sector interests protected

India has decided to back out of proposed RCEP agreement, even as 15 or nations, which participated in negotiation for pact, decided to go ahe and sign it in 2020. India decided to stay out of RCEP because draft agreement did t provide equate protection against surge in cheap imports, especially from China to India after implementation of RCEP. opt-out was in a bid to protect interests of farmers, MSMEs and dairy sector in country.

“India has participated in good faith in RCEP discussion and negotiated hard with clear-eyed view of our interests. In given circumstances, we believe that t joining agreement is right decision for India,” said Vijay Thakur Singh, Secretary (East), Ministry of External Affairs.

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What is RCEP?

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

(With ANI inputs)

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