The Confederation of All India Traders (CAIT) has complimented Narender Modi, Chief Minister of Gujarat for his vocal and loud opposition to proposed Free Trade Agreement between India and European Union. While appreciating the stand taken by Narender Modi who is the first Chief Minister in the Country voicing stout opposition to India-EU FTA, CAIT National President B. C. Bhartia and Secretary General Praveen Khandelwal said that Modi talked about collapse of Indian dairy sector once India-EU FTA is signed and implemented but it is not only the dairy sector but even retail trade, pharmaceuticals, agriculture, industry, services, government procurement and implementation of Intellectual Property Rights (IPR) will be worst hit by EU FTA.
Amid reports of Government easing FDI norms for retail trade, the CAIT has declared to oppose any such move tooth and nail. Pleasing the global retailers to invest in India will prove much detrimental to the interests of crores of people engaged in retail trade.
Both Bhartia and Khandelwal said that the domestic trade is already nder threat from liberal imports of Chinese products in the Country and if India-EU FTA is signed, the products from block of 27 European nations will kill the domestic trade since as per conditions of India-EU FTA, the Government is bound to reduce custom tariff on European goods even to the extent of 92% whereas on the other hand the European Union provides huge subsidy to its manufacturers and exporters who export European goods to other Countries.
Both trade leaders alleged that so far the Government has kept complete secrecy on India-EUFTA and it has failed to provide any comprehensive information about the benefi ts of FTA and not only that the Government has undermined Federal spirit as envisaged in Indian Constitution. In a deliberate att empt, the Government is providing policy space in such FTA for FDI in retail and other sectors and is making all att empts to liberalize the fi nancial sector.
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