INDIA'S GLOBAL TRADE BLITZ: NEW DEALS BREWING WITH US, EU! INVESTOR GOLD RUSH?

Author

Simar Singh | Whalesbook News Team

Detailed Coverage:

Commerce and Industry Minister Piyush Goyal has outlined India's proactive strategy to expand its network of Free Trade Agreements (FTAs). Discussions are currently underway with major global economies, including the United States and the European Union, as well as New Zealand, Oman, Peru, and Chile. This push aims to reduce global trade barriers and facilitate the seamless flow of goods, services, and capital across borders, complementing existing FTAs with countries such as the United Arab Emirates, Australia, and the EFTA bloc. The minister also highlighted significant domestic reforms focused on improving the ease of doing business, such as eliminating thousands of compliances and scrapping outdated laws.

Impact This aggressive expansion of FTAs can significantly boost Indian exports by providing better market access, attract substantial foreign direct investment by reducing trade friction, and foster economic growth. It also positions India as a key player in shaping global trade dynamics, potentially leading to greater economic opportunities for Indian businesses across various sectors. Impact Rating: 8/10.

Difficult Terms: Free Trade Agreement (FTA): An international treaty between two or more countries that reduces or eliminates barriers to imports and exports, such as tariffs and quotas, promoting freer trade. Ease of Doing Business: Policies and regulations enacted by a government to simplify the process of starting and operating a business, making the country more attractive for investment. Compliances: Regulations, rules, or requirements that businesses must adhere to. Tariffs: Taxes imposed by a government on imported goods. Quotas: Government-imposed limits on the quantity of a particular good that can be imported into or exported from a country.