November 4, 2019
PHD Chamber of Commerce and Industry welcomes Hon’ble Prime Minister’s decision on not to join RCEP
While welcoming the decision of Hon’ble Prime Minister Shri Narendra Modi ji not to join the RCEP agreement, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said in a press statement issued here today that this is in favour of India’s entire industry particularly MSMEs to save them from the repercussions of the RCEP agreement which are not in synch with the growth of trade and industry in India.
Dr D K Aggarwal termed India’s decision of not signing the RCEP agreement as a very bold and a welcome step as the MSME sector would have been badly affected particularly in electronics, chemicals, metals and dairy sector as other member nations of RCEP did not address various key concerns expressed by India.
The Government has rightly taken the decision not to go ahead with signing of the RCEP agreement as it would have resulted in ballooning trade deficit and impacting the MSME sector which does not have level playing field in terms of logistics costs, access to cheap fund and physical infrastructure, said Dr Aggarwal.
India has decided not to sign the Regional Comprehensive Economic Partnership due to differences over tariffs, its trade deficit with other countries and non-tariff related barriers, said Dr Aggarwal.
Non-tariff barriers would create bottlenecks for India to expand its trade and investment with RCEP economies, said Dr D K Aggarwal.
Though India always supports the liberalised regime of the international trade scenario, the present structure of RCEP agreement is not favouring the promotion of trade and industry at large, said Dr Aggarwal.
I congratulate the Hon’ble Prime Minister for taking this bold step and not succumbing to any pressure said Dr D K Aggarwal
Going ahead, we look forward to a proper give and take in India’s bilateral co-operation with the free trade agreements regime for the growth of trade and investment, said Dr Aggarwal.