August 12, 2021 3:02:37 am
India needs to engage with the rest of the world on trade and needs to enter into free trade agreements (FTAs), Commerce Secretary BVR Subrahmanyam said on Wednesday. He noted that the government was targeting merchandised exports of $1 trillion by 2027-28 up from $290 billion in the last fiscal.
“We need to be engaged with the rest of the world, without that India will be shut out of the global markets,” said Subrahmanyam at a CII event, adding India needed to enter bilateral agreements as it was not part of any regional trade arrangements
He said the government is fast-tracking six of the 20 FTAs that are currently under negotiation with the rest going on “slightly on the back burner”, adding that an FTA with the UAE would likely be struck the earliest.
“There’s one (FTA) under discussion with the UK. After Brexit, UK is looking at a partnership with India economically. The Australians are looking at an FTA with us, negotiations are on,” said the Commerce Secretary, noting that negotiations with the EU were more complex as they would require internal agreement between 27 member countries.
“We need to have FTAs but at the same time, you have to do it in a balanced manner,” Subrahmanyam said.
He also noted that the Centre hoped to notify the tax refund rates for the Remission of Duties and Taxes on Exported Products (RoDTEP) later this week.
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