NEW DELHI: India has requested a review of its free trade agreements with the Asean, Japan, and Korea to ensure fairness and equity, according to a top government official.
Commerce and industry minister Piyush Goyal expressed his view that India’s free trade pact with the Asean was poorly conceived. He stated, “The Asean agreement… (is the) most ill-conceived agreement. If anyone would have read that, it is so unfair to Indian industry,” during an event organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Goyal noted that although India had opened its markets to Japan and Korea, its exports to Japan had not grown at all, while imports from that country had increased by 200%. He emphasized the need to renegotiate the FTA with Japan to achieve a more balanced, fair, and equitable agreement. He said, “It’s a difficult task for us in government also… we fight for the textile sector, our farmers, our auto sector, fisheries, electronics.”
Highlighting the significance of stakeholder consultations, Goyal mentioned that India and UAE imposed tariff quotas on certain products after industry concerns were raised. Although initially agreed upon, the situation was deemed embarrassing but ultimately proved beneficial for the domestic industry.