Given the favourable entry rates of Australian goods and services into the Chinese and Indian markets, Australia would be in a strong position to maintain a fair balance of payments, I think our negotiators should focus on concluding free trade agreements with China and India. In a previous ThePrint article, we stressed that the commitment to autonomy under Aatmanirbhar Bharat should not be interpreted as a return to protectionism. At the 75th session of the United Nations General Assembly (UNGA), Prime Minister Modi championed Aatmanirbhar Bharat`s cause of making India a force multiplier for the global economy. The government has identified 27 champion sectors that can compete globally through the initial workforce. However, in sectors/industries where national capacities are insufficient, dependence on quality and competitive imports is inevitable. This is where the role of free trade agreements begins. At least seven of the fourteen trade agreements with partners such as Bhutan, Singapore, Chile, Nepal, ASEAN, MERCOSUR and Afghanistan have benefited from industrial exports from the country, he said. Four of the agreements, including those with Sri Lanka, Thailand, SAFTA and BIMSTEC, have no impact on exports. It was only in the case of Japan and South Korea that exports of industrial goods suffered. Earlier this year, on the sidelines of the World Economic Forum in Davos, Trade and Industry Minister Piyush Goyal held bilateral meetings with EU Trade Commissioner Piyush Goyal.
Phil Hogan, Graciela Márquez Colín, Minister of Economy of Mexico, Ebrahim Patel, South African Minister of Trade, and Mr. Makihara Hideki, Minister of Economy, Trade and Industry of Japan, to improve bilateral trade prospects. Third, according to Covid, the global trade order will most likely be influenced by geopolitical decisions. Many countries are now cautious about China and could strategically move with other trading partners towards import purchases. India has a good chance in this area and should fill this gap by degenerating its champion sectors with immediate urgency. India can take indications from Vietnam and Bangladesh that have proven to be extremely good as alternative targets for companies relocating production from China. Existing and newly signed free trade agreements should reflect this trend and allow for economic concessions rather than strategic objectives. Political decisions often involve trade-offs between economics and politics, and choosing the right compromise is key.
In late June 2005, the government signed a comprehensive economic cooperation agreement with Singapore, which many consider to be India`s first “comprehensive” free trade agreement. India also signed free trade agreements with ASEAN (2009), Korea (2009) and Japan (2010), which were later criticized for india`s widening trade deficit with the three trading partners. . . .