Government targets 3 new FTAs by year-end

New Delhi, January 12

India is accelerating talks with the UK to sign a free trade agreement (FTA) before the end of year. Though early harvest deals have eluded India, officials are confident that Commerce Minister Piyush Goel will be able to finalise three major trade agreements with the UAE, the UK and Australia in 2022, besides revising a Comprehensive Economic Partnership Agreement (CEPA) with South Korea.

Trade pacts with the UAE (CEPA), the UK (Enhanced Trade Partnership) and Australia (Comprehensive Economic Cooperation Agreement) are among the eight New Delhi is negotiating with the express purpose of providing a quantum boost to Indian manufacturing and exports.

Negotiations on for 8

• Authorities are hopeful of finalising major trade agreements with the UAE, the UK and Australia in 2022
• Revision of Comprehensive Economic Partnership Agreement with South Korea is also on cards
• In all, Delhi is negotiating for eight such pact with aim to ensure a quantum boost to exports

External Affairs Minister S Jaishankar has frequently criticised the existing FTAs and CEPs signed by previous governments as having given too much in return for a marginal boost to Indian exports.

The government now is trying to rework previous trade pacts as well as ring in new ones to achieve the target of $500 billion exports by fiscal 2023. The first pact is likely to be the CEPA with UAE which may be signed by March this year.

India is also negotiating trade agreements with Canada (CEPA), Israel (FTA), India-Eurasian Economic Union (FTA), European Union (Based Trade and Investment Agreement), South Africa Customs Unions (FTA). —