Nations reach out to India on trade amid global churn

India's economic resilience and political stability are key reasons that over a dozen small and big countries seek deeper bilateral ties with New Delhi to boost trade and investments, even as India is holding free trade talks with major economies such as the European Union and the United Kingdom, officials said.

- Rajeev Jayaswal

NEW DELHI:

The government, particularly the commerce ministry, is simultaneously engaged with delegations of several countries in just the month of March, they said, requesting anonymity. Some of the countries holding talks either virtually or physically this month include Cuba, Egypt, Oman, Peru, Chile, Sri Lanka, New Zealand, Malaysia, Sweden, Norway, Hungary, Guatemala, Slovak Republic and Belgium.

Recently, Union finance minister Nirmala Sitharaman said bilateralism is emerging as a catalytic tool in a new global order while multinational institutions and their contributions are increasingly fading away. Referring to the global churning where India has an advantageous place, she said: "I'm glad to say that the leadership of PM Modi is conscious that India should be in a reckoning place as this churning is happening and the global reset is happening." HT reported it on February 28.

"Prolonged geopolitical uncertainties leading to disruptions in global supply chains and the tariff war triggered by the Trump administration are two key reasons that prompt stronger and deeper bilateral ties with stable and reliable countries like India. And the trend is obvious seeing engagements of the commerce ministry," one of the officials mentioned above said.