Trade portal launched to better utilise free trade pacts

New Delhi, Dec 8:

To facilitate exports and ensure better use of free trade agreements by exporters, Commerce Minister Nirmala Sitharaman Monday launched an Indian Trade Portal providing information on preferential tariffs, rules of origin and technical barriers to trade faced by Indian exporters in such markets.

“Exporters should make best use of the portal, give continuous feedback for further improvement and additional details that they may need,” Sitharaman said while inaugurating the portal here.

India has signed a number of FTAs with various countries and blocs over the last few years, but exporters have not been able to utilise them well because of lack of knowledge about what such agreements offered.

The portal developed by the Federation of Indian Export Organisations (FIEO), which will also maintain it, will provide important data for use of exporters and importers in a user friendly manner and this will contribute to ease of doing business, the commerce ministry said in a release.

“The portal will also facilitate exports and will help Indian exporters to utilise the free trade agreements (FTAs),” it added.

India has signed FTAs with about 20 countries while it is negotiating such agreements with Australia, Canada, New Zealand and the EU.

As an instance, the ministry’s recent impact analysis found that of Japan’s total trade with India, only 22 percent could be ascribed to the FTA. (IANS)