FTAs to expand export opportunities, enhance market access, address non-tariff barriers: Commerce Ministry
With an aim to diversify export markets in response to changing global geopolitical and economic conditions, Ministry of Commerce & Industry has said that several initiatives have been undertaken by the government including expansion of network of Free Trade Agreements (FTAs) and Comprehensive Economic Partnership/Cooperation Agreements (CEPAs/CECAs); trade negotiations with major economies and regions to secure preferential market access for exporters. The government is also undertaking focused export promotion activities through Export Promotion Mission, Indian Missions overseas, Export Promotion Councils (EPCs), industry associations and other stakeholders.
Ministry further noted that the efforts also include implementation of district and sector-specific export promotion initiatives under the Districts as Export Hubs (DEH) initiative; and capacity-building programmes. According to the Commerce Ministry, FTAs are entered into with the concerned trading partner countries primarily with the aim of increasing bilateral trade through enlarging the scope of market access and building on the trade complementarities for increasing trade and investment, thereby providing enhanced export potential, creating benefits for industry and farmers and enhancing job opportunities.
It further said that the FTAs facilitate preferential market access for labour intensive sector products to boost growth and employment opportunities in sectors like textile, apparel and leather goods. FTAs endeavor to deliver a comprehensive, balanced, broad based and equitable agreement based on the principle of fairness and reciprocity and overall benefit to all the stakeholders. It also noted that the FTAs include provisions on Technical Barriers to Trade to promote mutual understanding of each sides’ standards, technical regulations, and measures to enhance transparency.
