AS FOREIGN TRADE agreements (FTAs) proliferate and turn more complex, the department of commerce is looking to increase its capacity to deal with the challenges posed by the situation, a senior official said. The idea is to expedite the process of ironing out differences with the potential partner countries and conclude more deals.
Apart from the FTAs that are under negotiation now with the UK, European Union, Australia and Canada, South American and African countries too have put out feelers of late to New Delhi for agreements to ease two-way trade in goods and services.
Given that multilateral trade liberalisation process has slowed, India is eyeing FTAs as an efficient way to boost foreign trade and is favourably inclined to several of these proposals.
"Negotiations (on FTAs) really consume time, energy and human resource, so we are trying to increase the bandwidth within the department," the official who did not wish to be named said.
This story is from the July 17, 2023 edition of Financial Express Mumbai.
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This story is from the July 17, 2023 edition of Financial Express Mumbai.
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