A senior #PMO official stated on Saturday that the #economy continues to show exceptional vitality and resilience in the face of global uncertainties, and that securing fair and balanced accords in the best interests of the country and its citizens remains the fundamental focus of India's trade negotiations.
The #world economy is undergoing a period of unparalleled uncertainty and a fundamental reset, according to Principal Secretary-2 to #PrimeMinister #Modi Shaktikanta Das, who gave the Kale memorial lecture at the #Pune based Gokhale Institute of #Politics and #Economics."A trading system based on norms that has supported free trade and globalization for more than 80 years is being challenged.
The former #RBI #governor stated, "New norms have not yet been firmly established, and established rules are being questioned more and more."
He claimed that the transition to self reliance has been sped up by the pandemic and the confrontation between #Russia and #Ukraine.
Das added that India is a signatory to 14 free trade agreements (FTAs) and six preferential trade agreements (PTAs), with the #UK, #Australia, and the #UAE being the most recent additions among #FTAs.
"This transformation is also evident in the growing influence of regional trade agreements (RTAs), which reflect a shift towards more fragmented yet practical trade alliances," Das said.
According to him, India is now negotiating free trade agreements with a number of countries, including the #US, the #EU, #Peru, #Oman, and #NewZealand.
