The proposed free trade agreements (FTAs), including with the UK, European Union and GCC would open new opportunities to boost India's exports in these markets, FIEO President A Sakthivel said in Tamil Nadu.
Federation of Indian Export Organisations (FIEO) also said the government initiatives are helping the country record a healthy growth rate in exports.
“Ongoing negotiations with the UK, the EU, GCC (Gulf Cooperation Council), etc will throw open new opportunities for Indian exporters,” Sakthivel said at an event on the exports sector.
The GCC was established in 1981 and its six members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
India is actively negotiating FTAs with these countries and blocs. The European Union (EU) team is in New Delhi to hold negotiations with Indian officials on the proposed bilateral trade and investment agreement.
On June 17, India and the EU formally resumed negotiations on the proposed agreement, after a gap of over eight years.
India had started negotiations for a trade pact, dubbed the Bilateral Trade and Investment Agreement (BTIA), with the 27-country bloc 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.
Also, several rounds of negotiations have been completed with the UK for a comprehensive trade pact. Both countries are aiming to conclude the talks by Diwali.
To further boost exports, Sakthivel suggested that the government 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 an export realization for better value; and inclusion of sectors like iron and steel, pharma, and chemicals under the ambit of RoDTEP.
He also urged for a revised TMA (transport and marketing assistance) for the Agri sector, a solution on money stuck in export made to Sri Lanka, implementation of a rupee payment system for export to Russia, and the creation of an MSME market promotion fund.