Govt Refines Strategic Approach To Free Trade Agreements

The "Chintan Shivir" witnessed enthusiastic involvement from senior government officials engaged in India's FTA negotiations, representing diverse ministries and departments

Commerce Secretary Sunil Barthwal recently led a two-day intensive brainstorming session

The Ministry of Commerce and Industry has formulated a comprehensive new approach for engaging in negotiations regarding Free Trade Agreements (FTAs). This strategy places a heightened focus on conducting thorough economic evaluations and modelling of FTAs, particularly about services and digital trade aspects within such agreements. 

Furthermore, it aims to harness India's existing FTAs to tackle emerging sectors such as Artificial Intelligence (AI) and procuring critical minerals. This ensures these agreements are leveraged to their fullest potential in addressing contemporary economic challenges and opportunities.

Commerce Secretary Sunil Barthwal recently led a two-day intensive brainstorming session. The primary objective was to delineate a strategic roadmap for India's forthcoming involvement in FTA negotiations.

The "Chintan Shivir" witnessed enthusiastic involvement from senior government officials engaged in India's FTA negotiations, representing diverse ministries and departments. As per a statement released by the commerce ministry on Tuesday, the event featured presentations delivered by former senior officials, respected national and international experts specialising in FTA negotiations, esteemed academicians, and experienced legal professionals.

“The Chintan Shivir unfolded across six dynamic sessions and one roundtable, each delving into critical themes: Economic Assessment and Modelling of FTAs; (2) Addressing New Disciplines into FTAs such as Labour, Environment, Gender, Indigenous Peoples, etc.; (3) Services and Digital Trade in FTAs; (4) Standard Operating Procedures for FTA Negotiations including Stakeholder Consultations; (5) Capacity Building and FTA resource management; and Leveraging India’s FTAs to address emerging areas such as supply chain disruptions, Critical Minerals, Artificial Intelligence,” the official statement said.

The participants discussed the potential synergies arising from concurrently negotiating investment and trade agreements. They emphasised the importance of aligning trade and industrial policy, recognising the interplay between the two. Additionally, there was a consensus on the necessity for Indian FTAs to strike a balance between geopolitical considerations and economic interests while ensuring that regional trade agreements complement global ones, aligning with broader multilateral objectives.