The Centre is playing down its trade relations with Asian countries with more noises about de-coupling from China
Govt had earlier criticised free trade deals for boosting cheap imports into the country
But transparency, predictability of policies and ease of doing business need to improve further at ground level, he says
Until 2005, India and China were close in their overall trade volume with South Asia
The world gross domestic product is expected to contract by 3%, international trade may decline by up to 32%, and 49 million people could slip into extreme poverty
The development comes as the mission has extended its stay in Pakistan for making more efforts to strike a consensus on the staff-level agreement
In Budget 2020, FM emphasised the need to strengthen 'rules of origin' under the FTA to curb import from non-producing (trading) countries
Budget continues the backward slide on trade
Goyal said that FTAs with countries like Japan, South Korea, and Asean provided duty-free access to Indian markets, but domestic goods face barriers in these countries.
The report has suggested full income tax exemption for 10 years be provided to units in Special Economic Zones, lower cost of credit for exporters, and fast-paced growth in high-tech shipments
The negotiations have been held up since 2013 due to differences on several contentious issues between the two sides
The former Minister also pointed out the India-ASEAN Ministerial statement and said that what the Minister Goyal had said now were two contrary interpretations.
Boris Johnson met PM Narendra Modi on the sidelines of G7 summit in Biarritz, France, last month
Commerce and Industry Minister Piyush Goyal said that eight rounds of negotiations have been held with South Korea for upgrading the existing comprehensive FTA
Here's a selection of Business Standard Opinion pieces for the day
Regional FTAs are out, but bilateral ones are as tough
Major FTAs account for 11% of total trade and 23% of trade deficit
The impact though, is expected to be cushioned by the transitory increase in export incentives till December 2019
Our experience with the existing free trade agreements has been lukewarm. The industry must change for this to change
India has continued a sustained rise in the share of imported inputs even among its overall exports