India is accelerating strategic steps with major trading partners to further strengthen its economy at the global level. Regarding the ongoing trade negotiations with economic superpowers like America and the European Union, there are now indications that the talks have entered the decisive phase. The government’s focus is on such agreements, which are not limited to mere figures, but provide long-term benefits to India’s industry, investment and employment.
Foreign Ministry spokesperson Randhir Jaiswal told in the weekly media briefing that continuous dialogue is going on at the level of officials regarding the bilateral trade agreement between India and America. He clarified that both the countries are actively working towards a just and balanced agreement. This statement has come at a time when America’s Deputy Trade Representative Rick Switzer visited India in the second week of December. This was his first visit to India in his new post, which is considered important in terms of trade relations between the two countries.
Important issues resolved in high level meetings
The US delegation met several senior officials in India, including Commerce and Industry Minister Piyush Goyal and Commerce Secretary Rajesh Agarwal. In these meetings, serious discussions were held on long pending business issues. Both sides presented their respective positions on differences related to tariffs, demands for market access and regulatory hurdles. It was also discussed how cooperation in manufacturing, technology and service sectors can be taken to new heights.
Stagnant but solid progress on India-EU FTA
Along with America, negotiations for a free trade agreement between India and the European Union are also progressing. According to Randhir Jaiswal, dialogue is continuing in this direction and both sides are fully connected. After the 14th round of FTA held in Brussels in October, EU officials came to India. Apart from this, the EU Trade Commissioner also visited India in December, where issues were discussed which were far from consensus till now.
Differences reduced, talks moving towards solution
Commerce Secretary Rajesh Aggarwal has already indicated that the differences have reduced to a great extent due to the meetings held at various levels between India and the European Union. He said that continuous talks are taking place through both in-person and virtual mediums.
India’s confidence boosted by New Zealand FTA
India’s recent free trade agreement with New Zealand has emerged as a strong example of its changing trade policy. This agreement was completed in a short time and is now being seen as an effective model for future trade agreements. This agreement has given Indian exporters access to new markets and increased competitiveness through tariff relief.
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