Target USD100 billion: Can FTA with the UK help India take on competition from Bangladesh, Vietnam?
India is probably the only major economy in the world that hasn’t entered into any FTA in the recent past. Though the US and the EU are big markets for India, the absence of FTAs is proving costly, as the country has been losing out to competition from Bangladesh and Vietnam in global trade.
Last week, India and the United Kingdom took a significant step by formally launching negotiations for a proposed free-trade agreement (FTA). Described as a “golden opportunity” by the UK’s secretary of state for international trade, Anne-Marie Trevelyan, the agreement is expected to help double bilateral trade between the two countries to more than USD100 billion by 2030. According to a top official in the Ministry of Commerce and Industry,
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