Mega free-trade agreement RCEP will help protect the interests of the domestic industry

According to trade experts, India’s decision to not join the mega free-trade agreement RCEP will help protect the interests of the domestic industry against unfair competition. The RCEP, short for Regional Comprehensive Economic Partnership, is a huge free-trade pact being negotiated among sixteen countries. The members were 10-nation bloc ASEAN, China, India, Japan, Australia, South Korea, and New Zealand.

Experts state that the government’s decision to not join this pact vindicates the concerns of the domestic industry from sectors such as metal and dairy.

“Certain engineering players and steel have raised serious objections over this pact. The RCEP would not have given any advantage to exporters to explore the Chinese market,” said Ralhan.

He said that participating in the pact would have resulted in an increase in imports from China, with which India has a trade deficit of over USD 50 billion.

The presence of China in the grouping has raised concerns as the Indian industry was of the view that it would flood the domestic market with Chinese goods. Several sectors like IT and pharma have time and again flagged issues with regard to trade barriers in entering the market of the neighboring country.

India has pitched for the auto-trigger mechanism in the RCEP agreement as a remedy against sudden and significant import surge from countries such as China to protect domestic players.

 

 

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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