The inclination is clearly towards bilateral trade agreements, where India has more flexibility in negotiating terms that it feelss wouldn’t disadvantage domestic manufacturers.
India, which has not signed any trade agreement since 2012, will soon revive talks on the possible free trade agreement (FTA) with the European Union and the US.
India’s decision to stay out of the China-backed Regional Comprehensive Economic Partnership, or RCEP, Asia’s mega free-trade agreement (FTA), has been met both with a sense of approval and disappointment and divided economists on the issue.
India refused to join RCEP citing reservations that goods manufactured by China could come into India. Jaishankar also said India would like a fair and balanced trade deal with the European Union.
India will avoid joining agreements which are actually trade pacts by stealth with China and instead explore trade agreements with developed countries with large markets such as the US and EU where Indian products and services would be competitive unlike ASEAN.
Prime Minister Narendra Modi called for an early review of the ASEAN-India trade in goods agreement that has been pending for a long time at the virtual ASEAN-India Summit.
Ministers from 15 countries in the Regional Comprehensive Economic Partnership agreed Wednesday to sign the long-awaited trade deal at a summit Sunday, leaving the door open for reluctant India to return later.
A victory for Joe Biden in the American presidential election may delay the conclusion of a “limited” trade deal between India and the US that was negotiated for months.
This study casts serious doubt on earlier more optimistic projections of projected gains and shows that the case for proceeding with the RCEP without India’s participation is even less convincing.
In September this year, India and South Korea resumed renegotiation of their landmark Comprehensive Economic Partnership Agreement (CEPA) that played a key role in spurring trade between the two sides and boosted bilateral ties.
India’s decoupling from China led to a number of harsh steps to undermine the trade and investment relations with China, despite the fact that Chinese investment set the turf for mobile phone manufacturing in the country.
Solicitor General Tushar Mehta has advised the government that the decision of an arbitration tribunal cannot contradict the law passed by a sovereign parliament.
India is seeing public opinion drastically shift in favor of Taiwan amid growing anti-Beijing sentiments. But will New Delhi risk its Asian rival’s wrath for stronger ties with Taipei?
India and the Philippines have begun negotiations on a bilateral investment agreement as they want to further boost their economic ties.
The scope of consent to arbitration is an important issue that needs to be finally settled - not least because it could have multi-billion dollar implications for India in respect of other cases involving challenges to India’s taxation measures by foreign investors.
India’s pullout from the RCEP, like the prior U.S. withdrawal from the Trans-Pacific Partnership, has made a situation for Japan.
Indian currently has no plans to launch talks with Taiwan for a trade deal contrary to speculations that Delhi may launch trade dialogue with Taipei that drew sharp reaction from China.
China asked India to approach ties with Taiwan “prudently and properly” and said it would “firmly oppose” any official exchanges between New Delhi and Taipei.
Narendra Modi government is also proactively stepping up its efforts to rejig India’s trade relations with the rest of the world by overhauling its Free Trade Agreement or FTA strategy.
Both sides also agreed to expedite their internal procedures for signing and ratification of the Protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty.