Beginning Tuesday, the Narendra Modi government will commence a country-wide outreach programme on free trade agreements...
Beginning Tuesday, the Narendra Modi government will commence a country-wide outreach programme on free trade agreements (FTA), asking the industry to ‘Make in India’ and take advantage of these pacts with a host of nations offering nil or low duties on merchandise goods to boost exports from India.
This month will see three such outreach programmes in Kolkata (January 20), Bengaluru (January 23) and Indore (January 31) while three more are in the pipeline for next month starting with Hyderabad (February 19), Kanpur (February 25) and Vadodara (February 27).
The commerce department, during these programmes, will dispel the myth that an import surge due to FTAs was harming India’s manufacturing sector by citing an analysis that it did on FTAs/CEPAs with Japan, Korea, Asean member countries and Malaysia. Around 80% or more of imports into India from these countries/regions have happened without them applying for FTA duty benefits.
During these programmes, opportunities arising out of FTAs, including with Asean member countries, Japan, Korea, Malaysia, Sri Lanka and Singapore, will be explained in detail. The aim also will be to ensure more people get into the export business and for this the government will soon simplify the procedure.