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October 25, 2020

Demonetisation for RCEP economy, will be another shock after GST: Jairam Ramesh

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Opposing the central government’s stand on the Regional Comprehensive Economic Partnership (RCEP), the opposition Congress party has said that if the government signs it, it will be the third major setback for the economy after demonetization and the Goods and Services Tax (GST). This will result in the liberalization of Chinese imports into the Indian market.

Jairam Ramesh said RCEP will be another shock after GST

In a press conference in the national capital, a senior Congress leader Jairam Ramesh said India could sign the RCEP. “If the Prime Minister signs the RCEP agreement in Bangkok next month, it will be the third major setback for our economy after demonetization and GST,” he said. He said that the government is no longer talking about Made in India and this agreement will encourage ‘Made in China’

The trade balance in favor of China

Ramesh said that the balance of trade is completely in favor of China. He said, “If India signs the RCEP agreement, then imports from China will be liberalized.” We do not know what has been discussed in Wuhan or Mahabalipuram, but we can see the result that it will liberalize imports from China. ‘

Amul wrote a letter to the center

He said that Amul’s MD has written a letter to Union Commerce Minister Piyush Goyal, in which he has expressed concern that if India moves towards RCEP, it will destroy the Indian dairy cooperative. Jairam Ramesh said, ‘Amul’s MD has written that India should not fall into the RCEP agreement. However, otherwise the dairy cooperative will be destroyed. Import of milk from New Zealand, sugar from Australia and dairy products will also happen.

National security will also be in danger

He said, ‘India will accept a free flow of data under RCEP. National interest, particularly national security, has been removed from the draft RCEP. Ramesh alleged that due to ‘mismanagement of the economy’, the central government was willing to sign the agreement.

What is RCEP

RCEP is a proposed free trade and investment arrangement between ASEAN countries and their six free trade partners. ASEAN countries in this dialogue include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Its six free trade partners are Australia, China, India, Japan, Korea, and New Zealand.

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