India to negotiate up to eight FTAs soon: DPIIT

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India to negotiate up to eight FTAs soon: DPIIT

India is about to negotiate up to eight free trade agreements that are likely to be announced soon. Anurag Jain, secretary, Department for Promotion of Industry and Internal Trade DPIIT, said at the release of the vision document $300 billion Sustainable Electronics Manufacturing Exports by 2026 that we are in the process of negotiating seven to eight FTAs. That should come up very soon in the next one and a half years. The secretary did not reveal any details about these FTAs.

Free trade agreements are pacts between two or more nations that are signed to reduce barriers to imports and exports between them. FTAs usually eliminate or minimize government tariffs, quotas, subsidies, purchase and sale of goods and services between the nations. It's important to give something in return, given the nature of FTAs. Jain noted that the industry does not support the department fully in negotiations.

When we ask the industry for the not to give this, they come out with only asking for it, but when you negotiate an FTA, you have to give something back. We have to be very careful in asking what we want. "You should be equal partners," said Anurag Jain. He said that as a facilitator, the ministry is listening to the industry and wants ideas for FTAs. If the industry has a crack team for finding out what FTAs should be like, analyse policies, come back with properly detailed inputs. He argued that DPIIT will be happy to have that.

He said that he would like to compliment you on the idea of the launch of the mission document, which is a joint venture between MEITY and the electronics industry. This is an example of a partnership between the industry and the industry, with the $300 billion for sustainable electronics. The way you have worked together. It is an effort in the right direction, and I would say it is a fantastic effort. We should be more aggressive at what we are looking at. Jain stated that India should look at becoming a superpower in the next 25 years.