After the concerns raised by industry, exporters and trade experts on free trade agreements (FTAs) being implemented by India, Suresh Prabhu, Commerce and Industry Minister announced that two independent agencies would be appointed for preparing a template to negotiate FTAs in future.
He quoted, “We are appointing two independent agencies, who will talk to all the stakeholders. It is a first major change.”
“This will be a new template which will emerge for all future negotiations and we are working on it,” he said.
Prabhu said, “While we need FTAs, we make FTAs in a way that it will benefit India to begin with and also other countries.”
“We cannot grow at the expense of India losing and, therefore, we are working on this strategy,” he added.
He mentioned that this would also help in promoting the country’s outbound shipments.
He highlighted, “our export in SAARC region itself is sub-optimal”.
Prabhu said that India is trying to work with the neighbouring countries to increase trade.
The country would now have a completely new approach towards negotiating these agreements, he said.