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Trade policy may pitch for FTA with US over five years.
Sep 23, 2022

The US is among key trading partners with whom India will seek to strike free trade agreements over the next five years in a bid to boost its share of exports in global trade to 3% by 2027 from 2.1% at the moment.
It is part of vision for the five-year foreign trade policy (FTP) 2022-2027, likely to be unveiled on 30 September.
The US is currently not in FTA talks with India.
Commerce and industry minister Piyush Goyal during a recent visit to the US had said that India would be 'happy and willing' to negotiate a trade pact with the US, provided Washington decides to look for a new free trade partner. He said the US administration, as a policy, is not looking at a FTA with any new partner.
India was discussing a mini-trade deal with the US to boost economic ties during the Trump administration. After concluding pacts with the UAE and Australia, India is negotiating FTAs with Canada, UK, and the European Union.
The commerce department is of the view that while domestic sensitivities in various areas would be considered during negotiations, India would adopt an accommodative approach in various areas of interest on the principle of reciprocity.
The government also plans to coordinate broad strategies with concerned ministries and departments for reducing non-essential imports, according to a presentation by the department of commerce reviewed by Mint.
The foreign trade policy will have three new chapters—on e-commerce, districts as export hubs, and SCOMET (dual use items used for civilian/industrial and military use)—thereby giving special emphasis on them. The chapter on e-commerce will aim to offset some of the transaction costs and promote e-commerce exports from India.