CAIT lauds PM Modi after India opts out of 'China-backed' RCEP

The Confederation of All India Traders (CAIT) on Monday lauded Prime Minister Narendra Modi for giving utmost importance to the national interests of Indian Trade and Industry and taking a decision not to join the "China-backed Regional Comprehensive Economic Partnership (RCEP)".

Praveen Khandelwal, Secretary-General, CAIT had recently met the Commerce Minister Piyush Goyal and highlighted that Indian Trade, Industry and Service sector shall be highly compromised and the entire business environment of India will be vitiated in the event of India being a part of a draconian treaty such as RCEP.

"China is the world's biggest manufacturing hub and they would have got the best opportunity to explore and dump the Indian Market with Made in China products at very low prices and substandard quality thereby creating disequilibrium in the Indian markets," read an official said.

"Even the Indian exporters would not be able to get the right value or buyers for their products as most Indian manufacturers would have been ignored citing low quality or high price by the RCEP nations. Overall the entire vision of Prime Minister's Make In India would have been rendered futile and ineffective had India signed the RCEP in its present form and letter," it said.

The CAIT has appealed that the government should now work diligently towards creating a more conducive environment for retail trade in India and also erase all anomalies and disbalances created by the Law violating E-Commerce companies.