India’s trade negotiations should not lose momentum
Reasonable tariff reduction requests by trade partners should be met for us to close deals quickly
India has fast-tracked its trade negotiations recently, giving priorities to making India a bigger player in global value chains. A comprehensive agreement with the UAE was signed in a record time of 90 days. In our Economic Cooperation and Trade Agreement (ECTA) with Australia, we for the first time made commitments on wine, paving the way for liberalization of sensitive products imported from the UK and EU. Yet, Australian industry is unhappy and the ECTA has not yet been approved by Australia’s parliament. An India-UK interim deal may also be pushed beyond Diwali. Are our trade negotiations losing momentum?