RCEP was always going to be a double-edged sword
India has decided to not join the Regional Comprehensive Economic Partnership (RCEP). Fibre2Fashion talks to some industry representatives to know their views.
We at FICCI fully support Prime Minister Narendra Modi's decision against joining RCEP, as India's several concerns remain unaddressed and various issues are unresolved so far in the proposed deal under negotiation. In recent months serious apprehensions and reservations on RCEP have been expressed by a large number of sectors. Further, there were not enough positive developments in the area of trade in services including easier mobility for our professionals and service-providers.
RCEP was always going to be a double-edged sword-with some industries gaining and others suffering. Even within the textile value chain, some would have benefitted, and others lost. CMAI believes the Prime Minister has taken the right call given the present precarious position industry-especially the textiles industry-is in. CMAI compliments the government for taking a step which will bring relief to thousands of small manufacturers and traders.
Signing the RCEP would have been against the interest of small and medium business entrepreneurs. Indian small businesses are already under pressure due to competition from China and Bangladesh. Thanks to the Prime Minister for taking the decision to not sign the RCEP.
Published on: 06/11/2019
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.