India's trade pacts with UK, Oman, EFTA bloc positive signal of economic integration with world: GTRI
trade agreements with the UK, Oman and four European nation bloc EFTA will reflect its commitment to trade liberalisation and economic integration at a time when the whole world is turning protectionist, according to a report. Economic think tank Global Trade Research Initiative (GTRI) said the free trade agreements (FTAs) have become pivotal instruments for India's economic expansion and integration into the world market.
These nations and the bloc are eager to finalize these agreements before the upcoming general elections, GTRI said, adding the talks are on the verge of conclusion.
Signing of these three agreements will take India's FTA tally from 13 to 16.
Number of countries with comprehensive FTAs will go up from 22 to 28. In addition India has six small scope PTAs (preferential trade agreements).
Last pact was signed with Australia in March 2022.
«Everyone wants to do an FTA with India. The main reason for this is India's high import duties, which make it difficult for these countries to access India's large and rapidly growing market,» the report said.
It added that these three pacts with the UK, Oman, and the European Free Trade Association (EFTA) also reflect a shift in India's focus from east to west in terms of preferential trade partnerships.
India's most important FTAs are with countries located in the east of India: ASEAN, Japan, South Korea, and Australia.
It said that in all the new FTAs, India is negotiating many non-trade areas such as sustainable development, digital, IPR, labour, gender,
