CII Welcomes Indias Stand On RCEP
As India has decided to walk out of the Regional Comprehensive Economic Partnership(RCEP), leaders of the Confederation of Indian Industry (CII) have welcomed the move stating that India should first solve various trade issues before joining the bloc.
PUNE: As India has decided to walk out of the Regional Comprehensive Economic Partnership(RCEP), leaders of the Confederation of Indian Industry (CII) have welcomed the move stating that India should first solve various trade issues before joining the bloc.
Speaking on the issue, Chairman CII Western Region, Sanjiv Bajaj said the decision to stay out of the RCEP deal is good for the stakeholders including a large section of Indian industry. “This move was required as RCEP nations were unable to respond favorably to India’s major concerns including unsustainable trade deficit with China, market access in services, auto-trigger safeguard mechanism to address import surge and strengthening Rules of Origin agreement to prevent circumvention of tariff differentials. We are however, hopeful that India may be able to join the RCEP bloc once these issues are suitably addressed.”
The decision to stay out of RCEP was taken at the recent RCEP summit in Bangkok. Chairman of CII Maharashtra State Council Kashmira Mewawala said the decision to stay out of RCEP is correct. “We believe this move will help protect India’s larger economic interest. I hope that India will join the RCEP nations once its concerns are adequately addressed.”
Chairman of CII Madhya Pradesh Council Praveen Agarwal said the decision on RCEP is a welcome move since the negotiations at RCEP summit were moving in a direction non-conducive for farmers, small enterprises and industry. “The decision was well thought and resulted from an extensive consultative process with multitude stakeholders,” he said.
Reacting on the issue, Chairman CII Goa State Council Lalit Saraswat said the move would help India to protect the interests of many sections of the economy, especially industry and agriculture. It was an important decision given the current scenario of global and domestic economic slowdown and a widening trade deficit. Chairman, CII Gujarat State Council Raju Shah said the move is praiseworthy, given that the major concerns were not met to its satisfaction at the current stage. “I hope that these issues get resolved so that India can enter the RCEP bloc and benefit from the same as we have close ties with all members. Meanwhile, it is imperative for India to work on enhancing its competitiveness so that it prepares itself to reap the advantages of being a part of the global value chain,” added Shah.