Commerce Secretary Sunil Barthwal on Wednesday said that to avoid prolonged discussions and enable quicker outcomes, there is a need to prioritise talks on core trade issues such as tariff and non-trade barriers during free trade agreement (FTA) negotiations.
Long-drawn negotiations often result in businesses losing interest in trade talks. However, focusing on core trade issues can help India navigate the complex negotiations more efficiently.
When we look at these free trade agreements, sometimes they take so much time that businesses lose interest. We are also reviewing some of these issues in the department, and talking to partner nations that are doing FTAs with us on why can't we first look at the core trade issues, Barthwal said during an industry event organised by the Confederation of Indian Industry.
"And, even if it is the first phase of that comprehensive agreement, let there be some kind of outcome which should come out of these negotiations," the commerce secretary added.
Barthwals comment came at a time when India is negotiating trade deals with regions in the Global North. These include the United States, United Kingdom and the European Union.
In the case of the UK and EU, parleys have been particularly long drawn. Both the negotiations were launched in 2022 and are yet to materialise. In the case of EU, the first attempt to seal a deal started in 2007.
For the US, a multi-sector trade deal is being worked out in tranches.
Similarly, in the pact with Australia, an interim agreement was finalised in 88 days and a comprehensive deal has been negotiated after that.
Barthwal said this should be the approach for the proposed trade deals with Latin American nations as well.
I think that is going to be a great way forward by which we will be able to achieve many things. The businesses will be able to see that the outcomes are very, very fast, he said.
India, he said, aims to double its trade with the LatinAm region from $50 billion to $100 billion. Some key sectors for collaboration could include automobiles, pharmaceuticals, IT services and infrastructure.
Shreya Nandi, Business Standard
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