Officials said a review of the India-UAE trade deal two years after it came into effect and an increase in sustainability measures implemented by the United States and the European Union have prompted the Indian government to develop a new free trade agreement strategy.
These guidelines will be based on reciprocity and stricter rules of origin to prevent Chinese products from entering India through abuse of any trade agreement. “The SOPs are almost ready and we will submit them to the Cabinet for approval,” an official said. The SOPs have come as India is negotiating trade pacts with the UK, EU, Peru, Oman, Chile and a comprehensive trade deal with Australia. important meaning. It is also negotiating a trade agreement with the Eurasian Economic Union. Similar to the UAE, New Delhi is wary of any abuse of rules of origin norms leading to circumvention and importation into the country. India’s exports of silver, platinum alloys and dried dates to the UAE have increased significantly. “Many products originate in China but come from other countries. Therefore, in addition to the added value, stricter rules of origin and melt-cast specifications are also crucial. In addition to detailing the need to negotiate market access issues and address non-tariff barriers In addition to the approach, the SOPs will also develop strategies for emerging issues such as the sustainability of trade agreements and the market access that needs to be given to potential FTA partners, especially smaller countries. “In some of our FTAs. , we give more access. Reciprocity is important, and the strategy is to see how much we open up, because we are a huge market.
Since 2021, the country has signed trade agreements with Mauritius, the United Arab Emirates, Australia and the European Free Trade Association. The SOPs will also look at technical issues such as capacity building, utilization of various free trade agreements, new forms of leveraging trade agreements to address supply chain disruptions, on-site drafting requirements and mechanisms for instant drafting of agreements to ensure clarity and Immediate consensus is reached, and how negotiators ensure that commitments made are pre-approved.
