70% of India's Exim trade to come from FTA in next 2-3 years

More than 70 per cent of India’s exim trade will come from Foreign Trade Agreement (FTA) in the next two to three years as over 12 countries will be collaborating with India, a senior Government official said.

This presently stands at 10 per cent and is expected to jump to 70 per cent in the next 2-3 years, the official said.

Currently, India’s EXIM trade stands at $500 billion of which export stands at $200 billion and import at $300 billion.

“In the next two-three years, we will collaborate with a number of states like the European Union, Switzerland, Norway, Japan, Namibia, South Africa and Gulf states, among others,” Ministry of Commerce, Director (Trade Services Division), Ajay Shrivastava, told PTI here.

After signing an agreement with The Association of South-east Asian Nations (ASEAN) and Korea early this year, India is now expanding its business relations across the globe.

During the recent recession (only now beginning to mend), India had emerged as a hot destination for emerging economies for exports, he said.

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Printable version | Feb 18, 2020 9:46:33 PM |

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