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India set to resume talks on free trade agreements with EU, US
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SME Times News Bureau | 21 Nov, 2020
India, which has not signed any trade agreement since 2012, will soon
revive talks on the possible free trade agreement (FTA) with the
European Union and the US. Even as the Narendra Modi government opted
out of the Regional Comprehensive Economic Partnership (RCEP), it is
keen on inking trade deals with other economic blocs, a highly placed
source said, adding that India could gain significantly amid a growing
anti-China sentiment in many parts of the world.
The EU is
India's largest trading partner accounting for 11.1 per cent of total
Indian trade, on par with the US and ahead of China (10.7 per cent)."We
are positive that FTAs with the EU and US will benefit India and talks
will be resumed," Gopal Krishna Agarwal, the Bharatiya Janata Party's
national spokesperson on economic affairs, said. "India is not opposed
to trade agreements with other countries, though now that seems to be
the popular notion after we exited the RCEP, we understand the need to
remain globally and regionally integrated," Agarwal added.
After
intense negotiations for an FTA with the EU, talks have been stalled
since 2013 after differences on various issues could not be ironed out.
Other Asian nations looking at trade deals with the west, Vietnam has already inked one
Vietnam, which is emerging as a formidable competition to many economies, has already signed at a trade pact with the EU.
"The
European economy needs now every opportunity to restore its strength
after the crisis triggered by the coronavirus," Ursula von der Leyen,
President of the European Commission, said in a statement.
"India
should not waste time now. It must act fast before other countries seal
the deals," Federation of Indian Export Organisations (FIEO) president
S.K. Saraf told Indianarrative.com. "We must revive talks on the stalled
FTAs and other trade pacts to cash in on the changing geopolitical
order. The current anti-China sentiment in Europe could help India at
this point and we must not waste an opportunity."
Typically,
trade agreements including the one with Association of Southeast Asian
Nations (Asean) have not worked in India's favour but experts opined
that New Delhi must remain engaged with other countries not only to
boost trade but also to be heard in the global community. Foreign
Secretary Harsh Shringla's seven-day trip to Europe just a few weeks ago
is being seen as an important development in this direction. On
Thursday the first stand-alone India-Luxembourg summit between Prime
Minister Narendra Modi and his counterpart Xavier Bettel was held via
video conferencing, where the former underlined the need to expand trade
and economic co-operation between India and the EU.
The
RSS-affiliated Swadeshi Jagran Manch has not been in favour of
multilateral trade agreements. It instead said that India must focus on
strengthening the Atmanirbhar India plank.
"India cannot afford
to have the Bombay Club which existed in the early 1990s, there is need
to remain connected with other countries and that includes trade and
economic co-operation," Sanjaya Baru, economist and media adviser to
former Prime Minister Manmohan Singh had said earlier. The Bombay Club,
comprised eminent Indian industrialists who while supporting the process
of economic liberalisation in 1993 sought protection and measures for a
level-playing field.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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