India focused on core trade issues in FTAs for quick results: Commerce Secretary

India is prioritizing core trade issues such as import duties and non-tariff barriers in its ongoing negotiations for free trade agreements (FTAs) to achieve faster outcomes, according to Commerce Secretary Sunil Barthwal.
He emphasized the importance of this approach, noting that lengthy negotiations often lead to businesses losing interest in the agreements.
"Experience shows that FTAs can take so long to finalize that businesses lose interest," Barthwal told PTI.
"We are urging our partners to focus first on core trade issues. Even if it's just an initial phase of the comprehensive agreement, we want to see some concrete outcomes early in the process."
The key trade issues being prioritized include tariffs, non-tariff barriers, sanitary and phytosanitary (SPS) measures and regulatory factors.
Barthwal stressed the need for this approach to be followed by both India and the Latin America and Caribbean (LAC) region.
"By focusing on core trade issues, we can achieve tangible results quickly, which will benefit businesses in both regions," he said.
He also highlighted the importance of a multi-sectoral approach, such as the one India is pursuing with the United States under a proposed bilateral trade agreement. In this approach, the focus is on sectors that offer mutual benefits to both countries.
India is currently negotiating FTAs with MERCOSUR (Argentina, Brazil, Paraguay, and Uruguay), as well as with Chile and Peru.
Barthwal mentioned the need to identify and address trade impediments, whether they are tariff or non-tariff barriers, or regulatory issues, to boost trade between India and the LAC region. The goal is to double two-way trade from USD 50 billion to USD 100 billion in the coming years.
The secretary pointed out that the LAC region has significant trade potential, with imports valued at USD 1.8 trillion and exports of goods and services totalling around USD 1.8 billion.
To enhance trade, Barthwal emphasized the need for countries to reduce protectionism, explaining, "You cannot grow your GDP unless trade grows. We are launching a trade promotion mission to further develop our trade relations."
He also highlighted sectors where cooperation could be expanded, including automobiles, medical devices, and pharmaceuticals. India, with its expertise in generic drugs, could provide affordable medicines to the LAC region while both regions could benefit from increased cooperation in the automobile sector.