New Delhi, October 25: Expressing serious concerns over the proposed Regional Comprehensive Economic Partnership (RCEP), Congress leader and Rajya Sabha MP Jairam Ramesh on Friday said that the proposed pact will be another jolt to the Indian economy if the Modi government joins it. Jairam Ramesh said that if India signs the RCEP, it would open doors for Chinese import, eventually affecting domestic industries. Disagree with Abhijit Banerjee's Idea of Privatisation of Public Sector Banks: Jairam Ramesh.

"After demonetisation and GST, it will be the third big jolt to our economy when the Prime Minister will go to Bangkok the next month and express India's agreement to Regional Comprehensive Economic Partnership," Ramesh said. "RCEP will result in liberalisation in imports from China. We don't know what was discussed in Wuhan or Mahabalipuram but we can see the results, there'll be liberalisation in imports from China," he added. CPI MP Binoy Viswam Urges Piyush Goyal to Desist from RCEP Negotiations.

The Congress leader further said that India's agreement to the proposed RCEP will promote "Made in China" rather than "Made in India". His remarks came days after the Chinese Ministry of Foreign Affairs quoted Prime Minister Narendra Modi saying that India is ready to work with China to promote the early conclusion of the RCEP. Union Commerce and Trade Minister Piyush Goyal on Monday, however, signalled that India may ditch the trade pact.

The RCEP is a proposed Free Trade Agreement between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and its six FTA partners — China, India, Japan, South Korea, Australia and New Zealand. RCEP negotiations began in November 2012 and have been under the scanner as domestic industries fear cheap Chinese goods flooding the country once the agreement is signed.

(The above story first appeared on LatestLY on Oct 25, 2019 05:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).