Around the world, trade and the economy are rebounding rapidly, causing developed countries to become consumers. Now is the right time for India to put its economy in an orbit of faster growth and increase its exports. This was stated by MrB.VR Subrahmanyam, Secretary, Department of Commerce, Ministry of Commerce and Industry, India at a conference on New focus of India’s FTA strategy hast the 2021 Partnership Summit, hosted virtually by CII in partnership with the Department for the Promotion of Industry and Domestic Trade (DPIIT), Government of India.
For India, being the only major economy that has not signed a major inter-regional agreement at present, the FTA negotiations are assuming increasing importance. India is negotiating several FTAs which will be concluded over the next year.
“Unlike previous times, we are now working on next-generation FTAs with advanced economies such as UK, Australia, EU and UAE, which aim to provide tremendous access to new markets. while considerably lowering protectionist barriers, “he added.
Stating that now is the time to look at world markets, the secretary mentioned that to reap the full benefits of FTAs, the industry will need to develop active market orientation as well as market intelligence, increased focus on added value, by moving up the value chain and providing quality products and branding.
Mr. Diego Llosa, Deputy Minister of Foreign Trade, Ministry of Foreign Trade and Tourism of Peru, addressing the session, informed that for more than 25 years, Peru, with the aim of promoting growth and economic development and participate in the global value chain, has maintained a trade policy based on the principle of trade openness and liberalization.
The Minister, while informing about the FTA negotiations in progress of Peru with India, which is the 4th trade partner of Peru in Asia, underlined that the agreement will contribute to strengthen the economic and trade relations between the two countries.
Dr. Harsha Vardhana Singh, former DDG, WTO, India, mentioned that for the integration of Indian producers into the global value with a higher addition, it takes more than just changes in trade policy. Noting that the Indian government has taken several reform measures in the business ecosystem in recent years, Dr Singh noted that there is still some room for improvement in the on-the-ground effectiveness of these reforms.
Dr Rupa Chanda, Director, Trade, Investment and Innovation Division, ESCAP, Thailand, stressed that in order to add more value and encourage exports, it is imperative to view imports as beneficial, as they bring improved and advanced technologies to the country. .
Complimenting India’s export performance even in the midst of a pandemic, Dr Ajit Ranade, Chief Economist, Aditya Birla Group, mentioned that India has embraced and is very committed to the concept of value chains. global.
Mr. Vir S Advani, Chairman of the CII National Committee on EXIM and Vice Chairman and General Manager of Blue Star Limited, said now is the time for India to connect with global demand as economies seek new sources and that supply chains change geography. .
Mr. Chandrajit Banerjee, Managing Director of CII, said the new era of commerce is changing and for India it has become a tremendous engine of growth. In these post-pandemic times, we will likely see our exports and imports at significantly higher levels, he added.
December 14, 2021