Business Daily from THE HINDU group of publications
Wednesday, Jul 04, 2007
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Business Daily from THE HINDU group of publications Wednesday, Jul 04, 2007 ePaper |
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Industry & Economy
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Foreign Trade Panel reviews FTAs’ progress
Our Bureau New Delhi, July 3 The Prime Minister’s Trade and Economic Relations Committee (TERC) today reviewed the progress of various free trade agreements (FTAs) under negotiation and set the roadmap for the Commerce Ministry on how to tackle the various issues cropping up during the course of bilateral discussions. The FTAs under negotiation relate to trade in goods and services and, in some cases, bilateral investments. The Ministry of Commerce made a presentation on the status of the proposed FTAs, including those with ASEAN, Thailand, Japan, South Korea and the Gulf Co-operation Council. The move is aimed at equipping the negotiators about the details of offers that could be made with regard to opening of markets and striking the best possible deals for Indian industry, officials said. The committee comprises Finance Minister Mr P. Chidambaram, Commerce Minister Mr Kamal Nath, Railways Minister Mr Lalu Prasad, Agriculture Minister Mr Sharad Pawar, Mr Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission, and the National Security Advisor. Since WTO negotiations are stalled, India is increasingly focusing on FTAs to ensure market access for domestic firms and improve political and economic relations with key nations, officials said after the meeting. While the discussions with Thailand are progressing slowly after the first phase of implementation, the pact with ASEAN is facing issues related to reduction in duties by India on some plantation crops, they added.
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