The CII- Goa on Wednesday came out firmly in support of the government’s stance on the Regional Comprehensive Economic Partnership (RCEP).
Lalit Saraswat, Chairman CII Goa State Council, said, “India’s move on RCEP would help to protect the interests of many different 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. I am hopeful that other RCEP member countries will factor in India’s concerns and make it a part of the grouping in the future after all of India’s issues and concerns are suitably addressed.”
The government has turned down trade deal under RCEP as it does not provide adequate protection against possible surges of imported goods. In particular, India is concerned about cheap Chinese goods flooding the domestic market.
At the 3rd Regional Comprehensive Economic Partnership (RCEP), Bangkok, the government decided to opt out of RCEP with China and other ASEAN countries over imbalance in trade agreement.