Revenue dept reviewing India's low-benefit free trade agreements

Major FTAs account for 11% of total trade and 23% of trade deficit

Amid rising clamor among domestic businesses against India’s existing Free Trade Agreements (FTAs), the revenue department has started assessing shortcomings of each deal, which have led to spiraling trade deficit. 

The Finance Ministry took notice after officials found that India’s major FTAs constituted only 11 per cent of the total trade and up to 23 per cent of trade deficit. While the commerce department would frame the updated trade rules for each FTA, whenever revised, the revenue department has started assessing its scope and nature. 

Officials have pointed out that India’s trade balance is turning more unfavourable for most FTAs. It has