India's stand not to join the Regional Comprehensive Economic Partnership deal will help vulnerable sectors, including dairy and farmers as well as small manufacturers who would have been "threatened" by the RCEP rules, the Commerce and Industry Ministry said on Monday.
"In order to ensure interests of the Indian industry and farmers in FTAs (free trade agreements) India successfully laid out its stand in Regional Comprehensive Economic Partnership. India's key concerns were not addressed. India took a strong stance to protect the interest of domestic producers,” the ministry said.
"This decision will help vulnerable sectors including farmers and the dairy sector as well as small manufacturers, who would have been threatened by RCEP rules," it added in a statement highlighting its initiatives and achievements of the 2019 year.
It said India has also secured agreement for review of Association of Southeast Asian Nations FTA (ASEAN-India Free Trade Area-AIFTA) after repeated follow up, which will help in removing rules that affect Indian producers and exporters and will also promote Indian exports and Make in India.
On the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement, the ministry said its completion of negotiation will enable trade promotion between the two countries.
The ministry also informed that the Multi-Modal Transportation of Goods Bill, 2019 which aims at facilitating the movement of goods for exports, imports and domestic trade, has been finalised for approval and will help to fix accountability and liabilities for violation of its provisions.
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