Amitabh Kant pitches for FTAs, asks Indian companies to be globally competitive
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India will lose huge opportunities if it keeps out of free trade agreements (FTAs) and Indian companies should aim to become globally competitive instead of adopting a protectionist stance, Niti Aayog CEO Amitabh Kant said on Wednesday.
Addressing a virtual event organised by the Broadband India Forum, Kant said the fear of being flooded by imports from FTA countries is not the correct approach. You first do manufacturing, bring size and scale, become globally competitive so that you can penetrate the global market. Problem is that Indian manufacturing companies spread protectionism, he said.
The proposed free trade agreement with the EU, officially dubbed as Broad-based Trade and Investment Agreement (BTIA), has been stalled since May 2013 as both sides are yet to iron out differences over several issues. Last month, the UK government stated that it has kicked off preparations for a free trade agreement with India, launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year.
Read more about Resumption of FTA talks with EU, fresh negotiations with UK soon: Official on Business Standard. India is also taking forward negotiations with various other countries, including Israel.