Blitz Bureau
NEW DELHI: Fresh from concluding its landmark free trade agreement with the European Union, India is pursuing an ambitious strategy to expand its global network of trade agreements across North America, Latin America, Africa and the Gulf, with negotiations already underway or planned with several major economies, the country’s chief trade negotiator has said.
Speaking at an event hosted by the Peterson Institute for International Economics, Darpan Jain, India’s Chief Negotiator for the EU-India Free Trade Agreement, said New Delhi’s trade strategy now aims to deepen commercial ties across virtually every major region of the world.
“Broadly, our intent is to cover the entire world,” Jain said. “Hands are full. The table is full. Mind space is full. So we are all working with all efforts to try and diversify our relations, expand our partnerships, and enhance trade.”
Jain said India has already covered “almost 50 per cent of global trade and 50 per cent of global economy” through the countries with which it has negotiated trade agreements over the past five years.
The focus is now shifting to regions where India has relatively limited trade agreements.
In North America, India is negotiating a free trade agreement with Canada, while discussions have also been initiated with Mexico. In Latin America, New Delhi is negotiating with Chile and Peru and has begun discussions with the Mercosur bloc to expand its existing Preferential Trade Agreement.
