India-EU FTA is wholesale surrender to European capital, says CPI-M
New Delhi: The Communist Party of India (Marxist) has strongly opposed the India-European Union Free Trade Agreement, terming it a “wholesale surrender” of India’s economic interests to European capital.
According to Kashmir Media Service, the party claims the agreement will severely undermine India’s domestic industry, employment, and livelihoods of farmers and workers, while benefiting multinational corporations and affluent consumers.
The CPI-M points out that India has committed to eliminating or drastically reducing tariffs on over 90% of goods imported from the EU, including automobiles, pharmaceuticals, and processed foods. The party warns that this will lead to a surge in imports, job losses, and income erosion for workers and small manufacturers.
The party also links the agreement to broader geopolitical developments, noting that the US has declined to move forward with a comprehensive trade agreement with India. The CPI-M accuses the BJP-led government of sacrificing national economic interests and democratic accountability in its pursuit of FTAs.
