Commerce and Industry Secretary BVR Subrahmanyam has said that India will fast-track free trade agreements (FTAs) with at least six nations — including the UAE, the UK, Canada, Australia and the EU. The earliest FTA that we will probably strike will be with the UAE.
All these countries are important market destination for Indian apparel exporters and FTAs with them will create ample opportunities for Indian apparel industry.
Currently, overall about 20 FTAs are under negotiation.
Addressing the Confederation of Indian Industry (CII) annual session, he said, “We are fast-tracking FTAs with these six countries and putting the rest slightly on the backburner.
The Commerce Secretary said that India has revamped its FTA strategy. India has to engage with the rest of the world. Without that, India will be shut out from global markets… The world has moved into bilateral or local/regional arrangements.
He further added that such trade deals assume more significance now as India is not a part of any local or regional arrangement.
It is important to mention here that India walked away from China-backed Asian trade bloc Regional Comprehensive Economic Partnership that signed an agreement last year to create the world’s biggest free trade bloc. The Government had then said its concerns related to the issue of market access were not adequately addressed.