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India to finalise all regional FTAs in a year - Mr Kamal
18
Feb '08
India is expected to finalise and formalize Free Trade Agreements (FTAs) with the major economies in the region in a year.

This was stated by Mr.Kamal Nath, Union Minister of Commerce and Industry, while delivering the Special Luncheon Address on “The New Global Architecture: WTO, RTAs & FTAs” at the 80th FICCI Annual General Meeting.

“The signing of the agreements with all the regional economies will enable India to effectively integrate with the new and emerging global economic architecture. The agreements will further enable the Indian industry to adapt to the changing global business dynamics.

This will definitely adversely impact certain sections of Indian industry in the short-run, but in the longer-run, we will realize the worth of the efforts and measures taken” Mr. Kamal Nath said.

According to Mr. Kamal Nath, the time had come for India to occupy its rightful place in the new global and regional economic and trade order.

For this to happen, India needed to consolidate its efforts in terms of technological upgradation, skill development, business competitiveness .

“The Indian Government has recognized the need for initiating fiscal policy reforms and restructuring the prevailing taxation structure in the country for providing a level playing field to the Indian industry.

At the same time, we are in a process of optimally utilizing the forum like WTO to negotiate and for ensuring global rules of trade to be fair and impartial, which hasn't been the case in the past” Mr. Kamal Nath emphasized.

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