{"id":128025,"date":"2021-08-23T19:00:50","date_gmt":"2021-08-23T13:30:50","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=128025"},"modified":"2021-08-26T11:17:57","modified_gmt":"2021-08-26T05:47:57","slug":"india-must-negotiate-well-on-free-trade-pacts-experts","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-must-negotiate-well-on-free-trade-pacts-experts\/","title":{"rendered":"India must negotiate well on free trade pacts: Experts"},"content":{"rendered":"<p><strong>Source<\/strong>: <a href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/india-must-negotiate-well-on-free-trade-agreements-say-experts-121082200862_1.html\">Business Standard<\/a><\/p>\n<p><strong>Relevance<\/strong>: Negotiating Free Trade Agreement (FTA&#8217;s)<\/p>\n<p><strong>Synopsis<\/strong>: India is on the verge of signing FTA&#8217;s with some important nations. Let&#8217;s have a brief look at the subject.<\/p>\n<p><strong>Context<\/strong>: Recently, commerce and industry minister Piyush Goyal had said that India is at a \u2018positive momentum\u2019 with respect to inking trade deals with the UK, Australia, Canada, Bangladesh, EU, GCC nations,\u00a0 and Israel.<\/p>\n<p><strong>Suggestions by the experts on FTAs<\/strong>:<\/p>\n<ul>\n<li><strong>Focus on reduction in tariff<\/strong> &#8211; Experts say that reduction in tariff is equally crucial while working towards any deal.<\/li>\n<li><strong>Better preparation<\/strong>&#8211; We need to provide better opportunities to other countries than the previous agreement.<\/li>\n<li><strong>Discussion on the new subject<\/strong>&#8211; we should not restart discussions in areas where consensus has been reached. \u00a0Starting discussion around areas where there were differences will be a step in the right direction.<\/li>\n<\/ul>\n<p><strong>For further read<\/strong> &#8211; <a href=\"https:\/\/forumias.com\/blog\/free-trade-agreements-fta-challenges-opportunities-explained-pointwise\" target=\"_blank\" rel=\"noopener\">Free Trade Agreements (FTAs): Challenges &amp; opportunities \u2013 Explained, pointwise<\/a><\/p>\n<p><strong>Why the urgency now?<\/strong><\/p>\n<ul>\n<li><strong>India&#8217;s exit from RCEP<\/strong>&#8211; This acted as a catalyst to sign better deals with other nations.<\/li>\n<li><strong>Export opportunities<\/strong>&#8211;\u00a0 due to a consistent surge in exports over the last few months, experts believe that such deals are important to continue the momentum.<\/li>\n<\/ul>\n<p><strong>Benefits of FTAs:<\/strong><\/p>\n<ul>\n<li><strong>Attracting investment<\/strong>&#8211; These FTAs will be effective in attracting investment in the country through PLI scheme.<\/li>\n<li><strong>Boost Competition<\/strong>&#8211; FTAs will create an open market system, which leads to an increase in competition in the economy.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Terms to know:<\/strong> <a href=\"https:\/\/forumias.com\/portal\/regional-comprehensive-economic-partnership-rcep\/\">RCEP<\/a>, <a href=\"https:\/\/forumias.com\/blog\/production-linked-incentive-or-pli-scheme-and-its-challenges-explained-pointwise\/\">PLI scheme<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Business Standard Relevance: Negotiating Free Trade Agreement (FTA&#8217;s) Synopsis: India is on the verge of signing FTA&#8217;s with some important nations. Let&#8217;s have a brief look at the subject. Context: Recently, commerce and industry minister Piyush Goyal had said that India is at a \u2018positive momentum\u2019 with respect to inking trade deals with the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/india-must-negotiate-well-on-free-trade-pacts-experts\/\">Continue reading <span class=\"screen-reader-text\">India must negotiate well on free trade pacts: Experts<\/span><\/a><\/p>\n","protected":false},"author":10330,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[8743,9223,212,8744],"class_list":["post-128025","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-bilateral","tag-free-trade-agreements","tag-gs-paper-2","tag-regional-and-global-groupings-and-agreements","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704881814},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/128025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10330"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=128025"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/128025\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=128025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=128025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=128025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}