{"id":135615,"date":"2021-09-20T18:28:46","date_gmt":"2021-09-20T12:58:46","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=135615"},"modified":"2021-09-21T18:21:16","modified_gmt":"2021-09-21T12:51:16","slug":"businesses-should-give-useful-inputs-for-fta-negotiations","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/businesses-should-give-useful-inputs-for-fta-negotiations\/","title":{"rendered":"Businesses should give useful inputs for FTA negotiations"},"content":{"rendered":"\n
What is the news?<\/span><\/b>\u00a0<\/span><\/h5>\n

Recently, the Commerce Ministry\u00a0said that the negotiations for India-UK\u00a0Free Trade Agreement\u00a0(FTA) will commence from November this year. The governments in both the countries are eager to conclude an interim agreement quickly, but the businesses are yet to warm up to the idea.<\/p>\n

What are the findings of the study published by the NITI Aayog?<\/span><\/b><\/h5>\n

NITI Aayog did a study on FTAs. Here are its findings:\u00a0<\/span><\/p>\n

First<\/b><\/em>,<\/em>\u00a0India should review and assess its existing FTAs in terms of benefits to various stakeholders and changing trade patterns in the past decade.\u00a0<\/span>\u00a0<\/span><\/p>\n

Second<\/em>,<\/span><\/b>\u00a0negotiating bilateral FTAs with countries where trade complementarities and margin of preference is high may benefit India in the long run.\u00a0<\/span>\u00a0<\/span><\/p>\n

Third<\/b><\/em>, reducing compliance cost and administrative delays to increase utilization rate of FTAs.\u00a0<\/span>\u00a0<\/span><\/p>\n

Fourth<\/em>,\u00a0<\/span><\/b>proper safety and quality standards should be set to avoid dumping of lower quality hazardous goods into the Indian market.<\/span>\u00a0<\/span><\/p>\n

Fifth<\/b><\/em>, strictly deal with\u00a0rules of origin should be strictly dealt with by the authorities.\u00a0<\/span>\u00a0<\/span><\/p>\n

FTAs have to be signed keeping two things in mind – mutually reciprocal terms and focusing on products and services with maximum export potential.<\/span>\u00a0<\/span><\/p>\n

Why Indian businesses are not enthusiastic about FTAs?<\/span><\/b>\u00a0<\/span><\/h5>\n

India maintains a higher level of tariffs than the developed countries.\u00a0If India will cut its tariff rates, then\u00a0the partner countries\u00a0in FTA\u00a0will gain\u00a0more. Consequently, imports by India from the partner countries may increase more than exports from India to the partner countries. So, the Indian businesses are not very enthusiastic about the trade agreements.\u00a0<\/span>\u00a0<\/span><\/p>\n

Source<\/strong>: This post is based on the article “Businesses should give useful inputs for FTA negotiations<\/strong>” published in the Business Standard<\/strong> on 19th September 2021<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

What is the news?\u00a0 Recently, the Commerce Ministry\u00a0said that the negotiations for India-UK\u00a0Free Trade Agreement\u00a0(FTA) will commence from November this year. The governments in both the countries are eager to conclude an interim agreement quickly, but the businesses are yet to warm up to the idea. What are the findings of the study published by… Continue reading Businesses should give useful inputs for FTA negotiations<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[8963,9223,9224],"class_list":["post-135615","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-bilateral-regional-and-global-groupings-and-agreements","tag-free-trade-agreements","tag-ftas","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704852715},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/135615","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\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=135615"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/135615\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=135615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=135615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=135615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}