Commerce Secretary Rajiv Kher has said India should focus on increasing its trade with Latin America, Africa, the BRICS nations and certain countries in the Asean bloc to counter the challenge posed by the proposed Trans-Pacific Partnership Agreement (TPP).
"BRICS should consider proposing a free trade agreement at the summit, regardless of whether it’s feasible right now," said Wang Junwen, chairman of the China Association of International Trade.
Brazil and China have agreed to pay for trade transactions in local currencies (the real and the yuan or renminbi). The currency swap agreement will be backed by US$ 30 billion (R$60 billion or 190 billion yuans).
While ‘data exclusivity’ clauses will not feature in the India-European Union free trade agreement (FTA), the threat posed by the impending deal to the world’s supply of cheap generic drugs is far from over.