Government to review FTAs' success.

The government intends to examine the success of Free Trade Agreements (FTAs) and assess whether the trade pacts with various nations have actually delivered.

“We did enter into FTAs and PTAs (Preferential Trade Agreements) with many countries. But again whether these FTAs and PTAs have really delivered is something that we need to very closely look at, which the government intends to do...We need to get our own house in order before we actually partner with other countries,” D Purandeswari, Minister of State for Commerce and Industry said at an event organised by the PHD Chamber on Thursday.

Purandeswari said that the government will review what existing FTAs and PTAs have delivered before entering into new agreements with other countries.

The minister’s comments came at the back of several critics alleging that FTAs hadn’t improved India’s exports.

Exporters’ body, FIEO has also said that Indian exports have been hit after FTAs were signed with many countries.

While India’s imports from Japan rose by over 3 per cent to $12.5 billion in 2012-13, its exports dropped to $6.26 billion in 2012-13 from $6.32 billion in 2011-12. India and Japan had inked the trade pact in 2011. India’s imports from Malaysia jumped by 9 per cent to $10.43 billion in 2012-13, from  $9.55 billion in 2011-12.

When asked the measures the government was taking to put in place a single-window clearance mechanism and eliminate red tapism to attract more foreign investments, Purandeswari said the Ministry has undertaken a pilot project on a portal ‘ebiz’ to address investors’ concerns.

Source : newindianexpress.com