Government Working on FTA Utilisation Plan to Maximise Benefits for Businesses

In a strategic move to bolster the Indian economy, the government is actively developing a comprehensive plan to improve the utilisation of Free Trade Agreements (FTAs). Commerce Minister Piyush Goyal has initiated high-level discussions with various industry bodies, exporters, and government officials to identify and address challenges hindering the effective use of these pacts.

FTAs are crucial trade tools that facilitate easier market access and reduce tariffs for goods and services between signatory nations. India currently has FTAs with 38 countries, representing a combined import market of approximately $12 trillion. However, the full potential of these agreements remains largely untapped.

Minister Goyal’s proactive engagement signals a renewed focus on ensuring that Indian businesses can fully leverage the advantages offered by these trade deals. The objective is to move beyond merely signing agreements to actively promoting their uptake and ensuring tangible benefits reach the ground level, thereby boosting exports and fostering economic growth.

The initiative is expected to involve measures such as enhanced awareness campaigns for businesses, simplification of procedural complexities, and targeted support for sectors that can most benefit from preferential trade terms.