Industry up in arms against economic pact with 15 countries

Tribune News Service

Ludhiana, October 19

To protest against the Regional Comprehensive Economic Partnership (RCEP), which will be signed by India with 15 countries, various trade and industry organisations of Punjab burnt effigies of the Government of India and Ministers of Commerce here today.

During short protest, speakers said the Modi-led Centre Government had destroyed industry and economy. Earlier, industry was affected due to demonetisation. Later, the GST sickened industry, they added. The present free trade agreement would close down 86 per cent industry of India, they said.

The RCEP is a group of 16 countries, including India, China, Japan, Australia, South Korea, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Thailand and Vietnam.

“If cleared, Chinese products will flood markets in India as the agreement allows supply of custom duty-free items. This covers more than 86 per cent of items produced in India and other countries. India has the worst trade balance among these countries,” said Badish Jindal, president of Federation of Punjab Small Industries Association (FOPSIA).

“Besides industry, this agreement will also affect the agriculture economy of India. All farmers’ associations of India are opposing this pact,” said representatives of industry.