The Print - 27 July 2023
India asking for renegotiation of FTAs with Japan, S.Korea -trade minister
India has asked Japan and South Korea to renegotiate their free-trade agreements (FTAs) with the South Asian nation to make it “more balanced and equitable”, India’s trade minister said on Thursday, amid a widening trade gap with the countries.
“Japan and Korea – we opened our markets for them. They have not allowed our exports to their country… What it was 10 years ago, it is the same today with Japan,” Trade Minister Piyush Goyal said at an event in New Delhi.
Japan’s exports to India have, meanwhile, grown 200%, he added.
Goyal also termed India’s free trade agreement with the Association of Southeast Asian Nations (ASEAN) “ill-conceived” and “unfair” to the Indian industry.
(Reporting by Shivangi Acharya, writing by Sakshi Dayal; Editing by Hugh Lawson)