Industries, farmers, businesses, with open arms, hailed the decision of PM Modi to back out from the RCEP deal, a move to protect the domestic industry. Farmers, who would have fared the worst due to the flooding of goods from China, were most happy. India’s competitiveness will be at test while the doors of the RCEP deal are open for negotiations.
Crux of the Matter
Citing potential worsening impacts on the domestic industry, PM Modi had refused to sign the RCEP deal as it currently stands.
Dairy giant Amul welcomed the decision saying the signing would have exposed the farmers to intense competition.
The industry had a sigh of relief from the potential danger of low-priced Chinese goods flooding the Indian market.
“It’s like throwing someone who is 25 kilogrammes into a boxing ring and asking him to compete with an opponent weighing 100 kilogrammes.” said B.M. Singh, convener of All India Kisan Sangharsh Coordination Committee.
Curiopedia
RCEP has been criticized by free culture activists for containing “quite simply the worst provisions on copyright ever seen in a trade agreement.”. Global health care activists have criticized the agreement for potentially forcing India to end its cheap supply of generic medications to poor countries. It is also being propagated as a means for China to sell its cheap goods as it opens up a huge market. Read More
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