According to Federation of Indian Export Organisations (FIEO) President, Mr. A Sakthivel, the proposed free trade agreements (FTAs), which include those with the UK, EU, and GCC, will create new potential to expand India’s exports in these markets.
Bilateral Trade and Investment Agreement (BTIA) talks between India and the 27- country block were initiated in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits, and the movement of professionals.
To further boost exports, the government should implement certain measures such as linking issuance of RoSCTL (Rebate of State & Central Taxes and Levies) and RoDTEP (Remissions of Duties and Taxes on Exported Products) with export realization for better value and inclusion of sectors like iron and steel, pharma, and chemicals under the ambit of RoDTEP, said Mr. A Sakthivel.
After a break of more than eight years, formal negotiations on the proposed deal between India and the EU resumed on June 17, 2022.
