India is speeding up negotiations for potential free trade agreements with industrialised countries like the United Kingdom and the European Union, and the government hopes to wrap up a few of them by the end of the year, said Anupriya Patel, minister of state for commerce and industry. She also expressed optimism that the trade agreement with Australia would be implemented "very soon."
India has already established a trade agreement with the United Arab Emirates, and "we are expediting our FTAs (Free Trade Agreements) with a number of other industrialised countries, including the United Kingdom and the European Union..." 'We might be able to give a final shape to a number of these by the end of the year,' she said at the opening of the Indian Business Portal of exporters' association FIEO here.
These accords, according to the minister, will improve possibilities for domestic enterprises.
The portal is a B2B digital marketplace designed to help SME (Small and Medium Enterprise) exporters, craftspeople, and farmers find new markets for their products and increase their global sales.
The portal, according to the minister, will address issues such as digitising exporters, boosting MSMEs (Micro, Small and Medium Enterprises), and encouraging more exports of Indian products.