India's Commerce Secretary Urges Industry to Maximize Free Trade Agreements
Need to utilise, leverage FTAs: Commerce Secretary Rajesh Agrawal to industry
The Economic TimesImage: The Economic Times
Commerce Secretary Rajesh Agrawal emphasized the need for Indian industries to effectively utilize free trade agreements (FTAs) to boost trade and investment. He highlighted that while FTAs with countries like Singapore and Japan have increased bilateral trade, India's exports have not kept pace with imports, necessitating a strategic approach to leverage these agreements.
- 01Indian industries must leverage free trade agreements (FTAs) for trade and investment opportunities.
- 02Current utilization of FTAs in India is suboptimal, with exports growing slower than imports.
- 03New FTAs with developed economies aim to create a predictable trade environment.
- 04Stakeholder collaboration is essential for effective implementation of FTAs.
- 05Dissemination of information and capacity building are key to maximizing FTA benefits.
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Commerce Secretary Rajesh Agrawal addressed the Indian industry on the importance of leveraging free trade agreements (FTAs) to enhance trade and investment opportunities. He noted that India's track record in fully utilizing FTAs has been lacking, with exports growing at a slower rate than imports despite the implementation of agreements with countries such as Singapore, Japan, and Korea. Agrawal highlighted the need for the industrial policy to align with trade policy, emphasizing that effective utilization of FTAs requires collaboration between the government and industry stakeholders. He pointed out that modern FTAs with countries like Mauritius, the UAE, and Australia focus on more than just tariffs, aiming to create a predictable regulatory environment for investors. Agrawal urged industries to incorporate these agreements into their long-term business strategies and to actively seek opportunities within global value chains, stating that the potential benefits of these FTAs will remain unrealized without effective leverage.
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If Indian industries effectively leverage FTAs, it could lead to increased exports and foreign investments, benefiting local economies and creating jobs.
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