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LATEST NEWS UPDATES | Traders to shut shop on Sept 20 against multi-brand FDI

Traders to shut shop on Sept 20 against multi-brand FDI

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published Published on Sep 15, 2012   modified Modified on Sep 15, 2012
-The Business Standard

Are in talks with political parties for support, fear foreign players will invoke equal-treatment clause in bilateral pacts between India and other nations

As the Cabinet Committee of Economic Affairsgave a green signal to the 51 per cent FDI in multi-brand retail, though leaving the implementation decision to the states, the traders’ community is all out to protest against the big policy decision.

Calling the move unfortunate, Confederation of All India Traders (CAIT) are holding an ‘All India Trade Bandh’ on September 20 asking the government to roll-back the decision.All shops will remain shut for a day and they will formulate the future strategy on September 21. CAIT said that they are hopeful that government will have to eventually rollback the decision since all political parties are against the move.

Though implementation of the FDI multi-brand decision is on the states, Praveen Khandelwal, secretary general CAIT said, “The bilateral agreements that India has signed with other countries say the country would have to give the same treatment to the foreign companies as they give to the Indian companies”, and hence he added that foreign brands could invoke this clause in the treaty and could challenge it in an international court or Indian Supreme Court.

On 18th the traders will shut shops across the country. CAIT is also in talks with political parties to garner support for the movement. “Today and tomorrow we would get parties opposing FDI in multi-brand on board to get a rollback”, said Khandelwal.

The Business Standard, 15 September, 2012, http://www.business-standard.com/india/news/traders-to-shut-shopsept-20-against-multi-brand-fdi/186952/on


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