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Date: 03/12/2024

More FTAs on the anvil to boost exports

Free trade agreements (FTAs) signed since 2022 have yielded positive results, and several more FTAs with different regions are nearing finalisation, said Mr Vimal Anand, Joint Secretary in the Department of Commerce, while speaking at the inaugural session of EEPC India’s 12th International Engineering Sourcing Show (IESS) in Chennai. Additionally, new trade partnerships with Africa and Latin America are being explored, according to a senior official from the government. The Ministry of Commerce and Industry has outlined a roadmap to reach $2.5 trillion in Asian exports, supported by the Foreign Trade Policy introduced in 2023. The policy focuses on flexibility to address emerging needs and identifies FTAs as a key strategy for export growth.  India is benefiting from the China Plus One strategy adopted by developed economies. Emerging markets such as the Netherlands, Brazil and Saudi Arabia are contributing to significant export gains, said a report.
 
Source: Exim News Service: New Delhi, Dec. 2



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