New Delhi: India has signed free trade agreements (FTAs) with key trade partners and is finalising a ‘balanced’ FTA with the EU, UK, Canada, Israel and the Gulf countries, Minister of State for Commerce & Industry Anupriya Patel said today.
In her address at EEPC India’s 37th Western Region Award Presentation, the minister added the FTAs are being signed to provide better market opportunities to the country’s exporting community.
“We have signed FTAs with many of our key trading partners. We have the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius, the Comprehensive Economic Partnership Agreement (CEPA) with UAE, and the Economic Cooperation and Trade Agreement (ECTA) with Australia. All these are with an objective of providing better market opportunities to our exporting community,” Patel said.
Mentioning about the government’s recent decision to withdraw export duty on specified steel items, Patel said that the move would provide a fillip to the domestic steel industry and boost exports.
EEPC India Chairman Arun Kumar Garodia said that the second half of the ongoing fiscal may see some recovery in global trade even as the global geopolitical and economic scenario looks somewhat cloudy at present driven by the Russia-Ukraine war and economic instability in North-East Asia and Europe.
“Despite the remarkable comeback of the engineering exports in 2021-22, some threats are still in sight. The pandemic-led uncertainties have not yet fully waned off, oil prices are alarmingly high while geopolitical issues in some regions are adding fuels to threats,” he noted.
He added that the exporting community is currently facing some domestic issues that could hamper the growth of exports in the time ahead. “In order to ensure the current pace of growth of engineering exports in the years to come, we have submitted a set of recommendations for consideration of the government,” the Chairman said, adding that the engineering sector growth would immensely contribute towards India figuring among the top 3 nations in G20 in terms of GDP.
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