28th June 2022
Mains Question:
Q1. The recent years has shown a dramatic shift in India’s approach to FTAs. In the light of this statement, discuss the factors that prompted India’s appetite for new trade agreements with different countries. (150 words)
Approach
- Introduction- Briefly define FTAs
- Discuss recent growth in FTAs (FTAs have registered a growth of 20.75% in the last five years)
- India’s approach during FTA negotiation
- Discuss areas of concern
- negative balance of trade with countries such as ASEAN and Japan
- balance between global economic integration and enhance the capacity of local markets to be able to serve as a global exporter
- Benefits for India
- Conclude accordingly
Editorials
Prime Minister is attending two summits this week- special invitee’ at the 48th G7 Summit at Schloss Elmou in Germany and a bilateral summit in Abu Dhabi with the UAE President. If the U.S. is exempted, no G7 country comes close to the UAE as India’s trading partner, exports market, Indian diaspora base and their inward remittances.
India-UAE synergy
- Political Relations- The historic visit of Prime Minister of India to UAE on 16-17 August 2015 marked the beginning of a new and comprehensive and strategic partnership.
- In the Joint Statement issued after the visit, both leaders agreed to work together not only to consolidate achievements in the existing domains but also to explore newer areas of cooperation.
- Commercial Relations- The traditionally close and friendly India- UAE bilateral relationship has evolved into a significant partnership in the economic and commercial sphere.
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India UAE trade, valued at US$ 180 million per annum in the 1970s, is today around US$ 73 billion making UAE, India’s third largest trading partner.
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- Cultural Relations: The two nations share historical ties and have maintained regular cultural exchanges both at official and popular levels. India and UAE signed a Cultural Agreement in 1975 Embassy continues to organize various cultural activities at its own as well as by collaborating with Indian Associations/Cultural Organisations based in UAE.
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