‘Free trade deal with 16 nations will ruin economy’

DEHRADUN:The Regional Comprehensive Economic Partnership (RCEP), a sort of free trade agreement by Prime Minister (PM) Narendra Modi with 16 foreign countries including China would be the third assault on Indian economy by his government after demonetisation and flawed GST, Pawan Khera, All India Congress Committee spokesperson said here on Sunday.

He made the statement during a press conference at the state Congress headquarters in the city. “The country’s economy is already in shambles, job creation, economic and agricultural growth are in a state of coma. Now with RCEP to be signed by PM Modi, later this month, with 16 foreign countries, the economy will be pushed into a financial emergency,” said Khera. “It would be a disaster as it is bound to destroy farmers, shopkeepers and small traders. The member countries of the agreement especially China will dump their goods in the country destroying the Indian manufacturing sector which already posted a negative growth this year,” he said.

While criticising the NDA government for the current economic ‘slowdown’, Khera claimed that “It is for the first time in 72 years that India will be forced to sign such an agreement.” “It is happening just because PM Modi and BJP wants it. Once implemented, it will have far reaching implication because it will jeopardise the country’s strategic and national security interests. India will become a dumping ground for the goods produced by foreign countries. It will also increase the trade deficit with China which is already at a whopping USD 70 billion,” he said. Criticising the decision to sign the agreement he further added, “The most affected will be the 50 million dairy farmers, especially women, as RCEP allows the import of dairy products at lower duties. The government should talk to stake holders, including farmer organisations, if not the opposition which it hates before taking any such drastic step.” During the event he also criticised the ‘increasing’ Non Performing Assets(NPA) in banks during the reign of Modi government .