Bikky Khosla | 18 Apr, 2023
India, which has recently set an ambitious export
target of $2 trillion by 2030, seems to be gearing up to boost its trade relations
with the major partners, and according to latest media reports, India and
Russia are discussing a FTA involving the Eurasian Economic Union. The
announcement came despite mounting pressure from Western countries on India to
gradually distance itself from Russia.
Interestingly, India, at the same time, is also engaged
in trade talks with the US, Britain, France, Italy, the EU and the GCC
countries. The US has emerged as our largest trade partner -- with bilateral
trade reaching $128.55 billion-- in 2022-23, and according to experts India-US
trade will continue to grow at a steady pace as the two sides are in talks to
further strengthen bilateral trade ties.
Meanwhile, the Union Commerce Minister recently visited
France to celebrate 25 years of strategic partnership between the countries,
and during the visit discussion was held about bilateral trade potential in
every area, including textiles, foodstuffs, defence, manufacturing, technology
and services like banking and accounting. Both sides also discussed the ongoing India-EU talks for a FTA.
India is also engaging with Italy on ways and means to
boost bilateral trade & economic partnership. Following the recent visit of
the Prime Minister of Italy to India, both sides are now looking for elevating
the trade relations to a strategic level partnership. India has recently
concluded a FTA with Australia and also negotiating for another with the UK.
These developments are welcome.
I invite your opinions.