PR No – 16
7th December, 2023
New Delhi
Shri Amardeep Singh Bhatia, Additional Secretary, Ministry of Commerce & Industry, expresses optimism in achieving $2 trillion exports through Industry-Government collaboration, Instilling further confidence in Trade Policies and FTAs
Shri Amardeep Singh Bhatia, Additional Secretary, Ministry of Commerce & Industry, emphasized collaborative efforts between the industry and government, expressing optimism about achieving a $2 trillion export target, particularly in areas covered by Free Trade Agreements, while speaking at the Leveraging Trade Policy and RTAs for Industry: Stakeholder Consultation event organized today at PHD House, New Delhi.
He informed that the Department of Commerce is actively undergoing restructuring to enhance its capabilities in this domain, acknowledging the complexity of negotiations involving substantial matters and ongoing consultations.
Mr. Bhatia added that the goal is to ensure a level playing field for the domestic industry, facilitate market access for foreign players, and enhance consumer gains. He highlighted the challenges in trade agreements and stressed the need for industry preparedness due to certain rigid clauses. Additionally, he noted the government’s numerous schemes addressing taxation and other concerns, along with active participation in trade promotional activities through collaboration with trade councils and associations.
Further, recognizing the importance of understanding trade instruments, quality requirements, and local barriers such as taxes, Mr. Bhatia emphasized the crucial role of PHDCCI and industry associations in promoting and conveying these issues.
Smt. Sonia Pant, Deputy Director-General, DMEO, NITI Aayog, highlighted the significance of Free Trade Agreements, informing that there are over 350 FTAs on the WTO website, with India being part of some. She emphasized the growing importance of FTAs, anticipating issues like labor and sustainable development becoming part of new FTAs. She pointed out the low utilization rate of FTAs due to complex rules of origin, lack of awareness, and a multitude of products even on a global level. Despite this, recent years have seen a resurgence in FTAs, coupled with initiatives like the PLI scheme and Aatmanirbhar Bharat, propelling India toward a higher global value chain. She further suggested strategies, including effective monitoring, data rate utilization, and aligning export promotion strategies with FTAs to enhance their impact.
Prof. Manoj Pant, Advisor, PHDCCI’s Policy Forum, emphasized that, in today’s context, Regional Trade Agreements (RTAs) take precedence over multilateral trade negotiations. Despite the era of Global Value Chains (GVCs), bilateral liberalization holds more significance than multilateral approaches. Pant highlighted the crucial role of Regional Trade Agreements, stating that no country can afford to overlook them. He noted that Micro, Small, and Medium Enterprises (MSMEs) are particularly ill-prepared to comprehend the implications of New Age Free Trade Agreements (FTAs). Pant called upon industrial organizations, such as PHDCCI, to step forward and address the concerns of MSMEs, emphasizing the need for proactive engagement in conveying the intricacies of FTAs to this sector.
Dr. Jatinder Singh, Assistant Secretary-General, PHDCCI, delivered the welcome address.
The Event was sponsored by R.L.Steels & Energy Ltd. & HisabKaro, and was supported by PHDCCI annual sponsors, DLF Ltd; Jindal Steel & Power; KLJ Group; Multani Pharmaceuticals Ltd; Marble City; MMG Group; Radico Khaitan Ltd; Uflex Ltd; Vestige; Eazy ERP Technologies; JK Tyre & Industries Ltd; Sagar Group of Industries; Superior Industries Limited; Samsung India Electronics; Oswal Greentech; Apeejay Stya Group; Blossom Kochhar Beauty Products Pvt Ltd; DCM Shriram; R E Rogers; Trident Group; Ajit Industries Pvt Ltd; Bhagwati Plastic and Pipes Industries; Central Coalfields Ltd; DD Pharmaceutical Ltd.; Hindware Sanitary; Jindal Steel; Modern Automobiles; P S BEDI & Co.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry