new Delhi. In the post-Brexit era, India needs to aggressively try for a separate Free Trade Agreement (FTA) with the European Union (EU) and Britain. Experts say that it is still difficult to assess the benefits that accrue to India from the agreement between the European Union and Britain, but the country does not appear to be benefiting more from this agreement. Nevertheless, the country should think about FTAs with both fields in IT, architecture, research and engineering. The reason for this is that the services sector is not included in the Brexit Agreement.
According to Ajay Sahay, director general of the Federation of Indian Export Organizations (FIEO), a leading exporters’ organization, Indian commodities will not benefit much from this, but can be leveraged in the services sector. Now is the chance to pursue FTA negotiations with both the EU and the UK. Vietnam competitors are getting big duty benefits in the textile and marine products sector.
Fio President Sharad Kumar Saraf said that India should now aggressively pursue trade negotiations with the EU and Britain. According to Professor Rakesh Mohan Joshi of the Indian Institute of Foreign Trade (IIFT), India has a better chance of meeting the demand of both markets after the trade agreement between EU and UK.
In a recent session organized by industrial organization CII on the India-UK business relationship after Brexit, Commerce and Industry Minister Piyush Goyal said that it could take at least two years for a free trade agreement (FTA) with Britain is. This is because in doing any FTA many approaches have to be considered. He said that it would be a pleasure for him if this FTA is done by next year.
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