SIAM opposes India-EU FTA; says it can kill auto mfg sector
The auto industry body SIAM is opposing the proposed India-EU free-trade agreement (FTA) and is worried about the impact of the FTA on the Indian auto sector. President of SIAM, S Sandilya discusses with CNBC-TV18’s Shereen Bhan the implications of such a deal.
Sandilya argues that the Indian auto manufacturing focus cannot be sacrificed, which will inevitably happen if the FTA is signed. Moreover, other investors like the Koreans and Japanese will cry foul over their FTA’s and why the Euro region is being given a preference.
He firmly states that an FTA with tariff reductions is unacceptable for the Indian auto sector. “In this context if you have imports coming in at lower tariffs, it will kill the manufacturing sector and that’s a very clear cut indication.”
Source: moneycontrol.com