India's Ambitious Trade Negotiations: Paving the Way for Innovation
India is actively negotiating new free trade agreements with the EU and the US, aiming to enhance global capability centres. These modern FTAs go beyond traditional trade by incorporating services and innovation, poised to culminate by the year's end.
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Commerce Secretary Sunil Barthwal announced ongoing negotiations for proposed trade agreements with the European Union (EU) and the US. He highlighted these free trade agreements (FTAs) as pivotal for advancing India's global capability centres.
The recent announcement of an FTA with the UK on May 6 signifies progress. Simultaneously, India is working to conclude a bilateral trade agreement (BTA) with the US by this fall, and a comprehensive FTA with the EU by year's end.
These agreements differ from traditional FTAs, encompassing services and addressing regulatory harmonization and dispute resolution. Barthwal emphasized their role in fostering an 'innovation corridor' critical for India's GCCs.
(With inputs from agencies.)
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