India opting out of RCEP breather for agricultural and industrial sectors: YSRCP

YSR Congress Party on Tuesday lauded Prime Minister Narendra Modi for storming out of Regional Comprehensive Economic Partnership (RCEP) or FreeTrade Agreement, saying that it is a breather for the agriculture and industrial sectors of the country.

"The union government's decision in this regard is a breather for the agricultural and industrial sectors of the country. Had India entered into RCEP, the market would have flooded with imported products. The agreement would have adversely affected the interests of the local farmers and medium level industrialists. At present, already the agricultural and industrial sectors are facing many problems. The problems of these governments should be addressed first," said Vice Chairman of Agriculture Mission MVS Nagi Reddy while speaking to ANI on Tuesday.

India announced not to join China-backed RCEP as its key concerns including inadequate protection against import surge, insufficient differential with China, and no credible assurances on market access and non-tariff barriers could not be resolved.

The Prime Minister had said earlier that India remains committed to a comprehensive and balanced outcome of RCEP negotiations and seeks balance across goods, services and investments and also within each pillar.

RCEP is a proposed free trade agreement (FTA) between the ten member states of ASEAN and six FTA partners.