India is finally going ahead with the plan to become a global economic power by signing Free Trade Agreements ( FTA’s) with key trade partners
Anupriya patel, minister of state for commerce and industry today conveyed that India have signed multiple balanced FTA,’s with major trade partners like EU,UK,Canada,Israel and gulf countries.
Addressing the EEPC India’s 37th western region award presentation the minister said that the FTA’s were being signed to provide better market opportunities to Indian businesses.
Referring to the government’s recent step to withdraw export duty on various steel items, Patel conveyed that this move will bring competitiveness as well as boost the domestic steel industry.
“We have signed an FTA with many of our key trading partners. We have the comprehensive Economic Co-op and partnership agreement (CEPCA) with Mauritius. Comprehensive Economic Partnership Agreement ( CEPA) with UAE, and the Economic co-op and trade agreement with Australia. All these are with the objective of providing better market opportunities as said by patel
It is highly anticipated that the second half of the ongoing fiscal year may witness some recovery in the global trade even as the global geopolitical and economic scenario looks somehow hazy, driven by the Russia-Ukraine war and economic instability in Northeast Asia and europe as proclaimed by EEPC India chairman Arun kumar Garodia. He further added ” Despite the remarkable comeback of the engineering exports in 2021-22 some threats are still in sight. The pandemic lee uncertainties have not yet fully calmed down, oil barrel prices are alarmingly high and some geopolitical issues are adding fuel to the threat.
