Kolkata, Nov 5: EEPC India, the apex organisation of the engineering exporters, on Tuesday said India's decision to opt out of the proposed Regional Comprehensive Economic Partnership (RCEP) agreement between 16 is a "wise'' step by Prime Minister Narendra Modi as it would allay concerns of the country's MSME sector over cheap imports, particularly from China.
''We welcome decision of the Hon'ble Prime Minister Shri Narendra Modi in opting out of RCEP. Our MSME unit members were concerned about the possible opening up to Chinese imports; and hence it is a wise decision ad will provide certainty to the MSME sector,'' said EEPC India Chairman Ravi Sehgal in a statement.
The MSMEs account for a major part of the country's engineering exports and contribute significantly to the manufacturing. With India opting out, the RCEP would comprise 15 countries, including ASEAN, China, Australia, New Zealand, among others. (UNI)