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Last updated: 18 Apr, 2023  

FTA.9.Thmb.jpg Trade talks with renewed vigour

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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.

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