Unlocking Potential: India's New Trade Era

India's industry needs to actively leverage the opportunities presented by new free trade agreements, according to Commerce Secretary Rajesh Agrawal. He highlighted that India's past performance in utilizing these agreements has been less than ideal, emphasizing the need for complementary industrial and trade policies.

During a recent session on trade agreements, Agrawal pointed out that while bilateral trade has increased with several countries, India's exports have not kept pace with imports. He stressed the importance of modern agreements with nations like the UAE, Australia, and the EU that go beyond tariffs, suggesting that all stakeholders must work collaboratively to harness these opportunities.

Agrawal advocated for businesses to incorporate these free trade agreements into their long-term strategies to integrate into global value chains effectively. He noted that enhancing the dissemination of information and building capacity is crucial for optimizing these agreements to create a conducive trade and investment environment.

(With inputs from agencies.)