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India faces a year of tough trade talks
Why is it in the news?
- The government said it would renegotiate its existing free trade agreements (FTA) and redouble its efforts to conclude other trade negotiations.
- The task is likely to swamp negotiators of both the Commerce and Industries and External Affairs Ministries in 2020.
More in the news
- Recent Story:
(1) India had walked out of negotiations on the 16-nation Regional Comprehensive Economic Partnership (RCEP) free trade agreement.
(2) The RCEP walkout is not cast in stone yet, as the other 15 countries, including 10 ASEAN members will complete legal reviews by June and are only expected to sign the deal in November 2020.
(3) In the interim, many countries, most notably Japan, Australia and even China, are keen to work with India.
- Pending Issues:
(1) India’s long-pending negotiations with Australia for a Comprehensive Economic Cooperation Agreement (CECA).
(2) Commerce Minister Piyush Goyal’s plans to reopen the existing FTAs with ASEAN, Japan and South Korea will has taken a back seat.
Source
The Hindu.