The government should aim at "result-oriented" free trade agreements as there are no signs of any meaningful conclusion of Doha Round of talks for a global trade deal in the near future, the Economic Survey 2011-12 said today.
"While there are no signs of any meaningful conclusion of WTO negotiations in the near horizon, India's push towards regional and bilateral agreements should result in meaningful and result-oriented FTAs and CECAs," the survey said.
India is negotiating about a dozen free trade agreements with countries like Australia, Indonesia, New Zealand, Canada, and European Union.
Over 150 WTO members have been negotiating a new agreement for liberalising the world trade since 2001 without a breakthrough.
The talks have been marred by wide differences between the developed and developing countries on the level of opening and protection of their respective markets, the survey said.
India has successfully implemented comprehensive free trade pacts with Malaysia, Japan and South Korea.
The survey added that the challenges for India on the trade front are daunting but needs to be addressed with speed and dexterity as the opportunities are equally great and still untapped.
