Stories
Commerce Ministry Sets Up FTA Cell To Boost Industry Awareness
- •The Department of Commerce has established a free trade agreement utilisation cell to raise awareness among domestic industries about emerging opportunities.
- •Commerce Secretary Rajesh Agarwal stated that these trade pacts provide vital tariff predictability and long-term stability for exporters.
- •India has finalized trade agreements with 32 countries including the EFTA bloc, the UK, and the European Union, offering zero-tariff access.
- •Exporters are encouraged to leverage these high-consumption markets and develop action plans with export promotion councils to boost trade shares.
Key Questions Answered
The Department of Commerce created the FTA utilisation cell to increase awareness among domestic industries and entrepreneurs about the opportunities emerging from free trade agreements through industry associations and export promotion councils. The cell also works to improve FTA utilisation and develop market-specific action plans to integrate partner country markets with India.
The EFTA bloc consists of four member countries, which are Iceland, Liechtenstein, Norway, and Switzerland. India's trade and economic partnership agreement with the EFTA members was implemented in October of last year.
Tariff predictability ensures that tariffs remain stable for the foreseeable future without unexpected changes, allowing businesses to take investment risks, build supply chains, and plan future growth securely. This stability helps long-term investors operating within global value chains.
