Is it possible for India to meet its $400 billion export goal by signing free trade agreements?
Would India see the benefits of more FTAs, or would it be forced to deal with a severe loss of intellectual property and harmful working conditions? Minister Piyush Goyal intends to provide a clearer picture of the benefits that further FTAs would bring to the country at the seventh edition of the Global Business Summit.
Minister of Commerce and Industry Piyush Goyal has disclosed his faith in the country’s ability to meet its export targets. He has indicated in reports that exports have performed well, and that he expects further negotiations with Australia, the United Kingdom, the Gulf Cooperation Council, and Canada. India recently signed its fifth free trade agreement (FTA) with the UAE and plans to pursue similar deals with additional countries in the future. FTAs are bilateral agreements that enhance trade between two countries by lowering tariff and non-tariff obstacles for commodities.
Imports have increased dramatically as a result of recent accords. So, where does India stand on free trade agreements, and are they beneficial to the country’s import-export balance? According to reports, the Asean Free Trade Area is the most important of all, accounting for 10% of India’s exports the year before the pandemic. So, what are the further implications of additional FTAs?
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Increased economic activity via heightened competition
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Smooth flow of trade goods and services
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Encouraging foreign investments
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Competitive pricing, increased flow of goods
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Better people-to-people and business-to-business links
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Lesser chances of monopoly
Is it possible for India to meet its $400 billion export goal by signing free trade agreements?
The two-day conference will begin with the most exciting topic as the foundation of its series on economic recovery. At the summit, important leaders from around the world are anticipated to address the numerous paths that economies can take to resurge, as well as the various routes for a country’s journey to resurgence. At the summit, important leaders from around the world are anticipated to address the numerous paths that economies can take to pull ahead, as well as the various routes for a country’s journey to renaissance.
[box type=”shadow” align=”” class=”” width=””]Among the top leaders at the summit, Deloitte Global CEO Punit Renjen will deliberate on the country’s potential amidst its economic revival.[/box]
According to sources, Renjen believes that now is a good moment to grow sustainably as a country’s inherent quality. He has previously emphasised the unique methods in which public and private companies have weathered the pandemic’s onslaught while addressing the needs of all stakeholders and employees. In this regard, he has been quoted as claiming that India might be one of the fastest-growing countries in the world this year, with a growth rate of close to 9%. He has been known to applaud the government’s incredible efforts to vaccinate the entire population. Even claiming that this century will be India’s, he has emphasized in reports, the importance of maintaining the country’s planned pace to attract FDI and capitalise on the potential presented by supply chain relocation.
Written By Anupama Sughosh
Edited By Queenie Nair
