Speed up reforms: Ficci

As currently under negotiation and if the government review addressed them carefully, the overall impact would be beneficial to the Indian economy.  The Federation of Indian Chambers of Commerce and Industry (Ficci) expressed the view that FTAs/PTAs could play a critical role in stepping up India's competitiveness provided they are accompanied by sustained process of internal reforms which addresses the issues of flexibility in labour market, lowers transaction costs and makes infrastructure including the quality and availability of power, roads, ports more efficient.  Also, it must be ensured that duty anomalies such as 'inverted duty structure' do not result from tariff liberalisation under different FTAs/PTAs.  To optimise gains and minimize losses, the trade and industry need to be fully consulted before signing any fresh agreement.  Besides, with neighbouring countries which are natural candidates due to geographical proximity, the selection of FTA-partners has to be extended to other countries which complement India's resource endowment and capabilities, FICCI said. Also, India has to negotiate and conclude FTAs with countries and blocks like USA, the chamber said.