New Delhi [India], May 28 (ANI): The Department of Commerce (DoC), Ministry of Commerce and Industry, in collaboration with the Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade, New Delhi, organised a two-day Chintan Shivir on Free Trade Agreement (FTA) strategy and Standard Operating Procedures (SOP) for trade negotiations.
Held from May 16 to 17, in Neemrana, Rajasthan, the summit convened eminent figures to discuss critical issues concerning India’s engagement in FTA negotiations and its future trade strategies, according to a press release by the Ministry of Commerce and Industry.
Led by Commerce Secretary, Sunil Barthwal, the Chintan Shivir aimed to formulate a strategic roadmap for India’s FTA negotiations while fostering discussions on SOPs, capacity building, and contemporary trade issues.
The event garnered active participation from senior government officials, esteemed experts, and seasoned legal professionals, enriching the discourse with profound insights and expertise.
The summit unfolded across six dynamic sessions and a roundtable.
Participants highlighted the necessity of detailed economic studies, including models like Computable General Equilibrium (CGE), to guide FTA negotiations.
They emphasized the importance of understanding the assumptions and limitations of economic models and the need to negotiate investment and trade together to create synergies, read the press release.
The session delved into the implications of incorporating new areas such as Trade and Sustainable Development (TSD), including Environment, Labour, Gender, and Indigenous Peoples, in trade agreements.
Participants discussed challenges in enforcing domestic laws, ratifying international treaties, and suggested constructive engagement with stakeholders for effective implementation.
The significance of services trade, challenges of data sovereignty, consumer protection, and cybersecurity were discussed.
Participants explored India’s data adequacy issues under EU GDPR and emphasized leveraging critical and emerging technologies to boost trade prospects.
Discussions revolved around the evolution and drafting of SOPs to enhance the objectives of trade agreements.
Stakeholder consultations were highlighted as essential for inclusive outcomes, with an emphasis on proactive problem-solving and robust resource management.
The session recognized the critical role of FTAs in enhancing national security and addressing complex issues beyond traditional trade.
Speakers emphasized interdisciplinary support and leveraging resources from India’s embassies/missions abroad for informed negotiations, read the press release.
Participants discussed supply chain disruptions, critical minerals, de-globalization, and geopolitical influences.
Suggestions included negotiating dedicated chapters on Critical Minerals and building resilient supply chains to adapt to evolving global trends.
The summit concluded with a wrap-up session and special remarks by Sunil Barthwal and Additional Secretary, Department of Commerce, Rajesh Agrawal.
It generated various suggestions to formulate India’s FTA strategies and adopt SOPs to enhance India’s FTA preparedness, setting a course for India’s future engagement in FTA negotiations. (ANI)
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