Businesses should give useful inputs for FTA negotiations

FTAs have to be signed keeping two things in mind - mutually reciprocal terms and focusing on products and services with maximum export potential

Last week, the Commerce Ministry said that the negotiations for India-UK Free Trade Agreement (FTA) will commence from November this year. The governments in both the countries are eager to conclude an interim agreement quickly but the businesses are yet to warm up to the idea.

Under various trade agreements, India allows imports of certain goods at lower rates of duty mostly from countries in Asia, Africa and South America. The imports from the least developed countries and most developing from these regions have not gone up significantly. However, the imports from Japan, Korea, Malaysia, Singapore have gone up and so,