“Our focus is on entering into robust trade agreements with the developed world,” Goyal said at an event in London.
India has announced its free trade agreement (FTA) with the UK and concluded deals with Australia, the UAE and European Free Trade Association. It is also in talks with the US and European Union.
“There was a time 15 years ago when we were more focused on doing trade agreements with countries who were really our competitors. Why do an ASEAN agreement… which was done 15 years ago before we came into government… it really is silly because I am opening up my market to my competitors, many of whom have now become the B team of China. So, effectively and indirectly, I have opened up my market for goods that find their way from China into India,” Goyal said.
The ASEAN-India Trade in Goods Agreement (AITIGA), which came into effect in 2010, is currently under review. India has been demanding a review of the pact to eliminate barriers and its misuse.
ASEAN, or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.Instead, this government is focusing on having robust agreements, as it did with Australia and is now set to negotiate with New Zealand in another three-four months, Goyal said.”What we did with the UAE and are now close to closing second in the Gulf… and possibly start with other countries of the Gulf region. The rich countries… countries against whom we do not compete but complement,” he said.
Trade negotiations are going on with Chile and Peru as well.
Content Source: economictimes.indiatimes.com