Pursue trade deals but focus on enhancing competitiveness

India is negotiating trade agreements with the developed countries in the west while its trade relations with Bangladesh and Turkey are worsening somewhat.

- TN CRAJAGOPALAN

Last week, our commerce minister held detailed discussions with the United States Trade Representative with the intent to conclude the first tranche of a bilateral trade agreement between the two countries as quickly as possible. A team of officials from the commerce ministry went to Brussels to discuss with the officials of the European Union on the way forward for an early harvest free trade agreement. The government has already concluded a mini trade deal with the United Kingdom, the details of which are not yet available on the public domain.

All these trade talks have acquired urgency since President Trump imposed reciprocal tariffs and then held them in abeyance for 90 days while retaining minimum 10 per cent duties on most goods entering the United States.

India retaliated against some ill-considered statements and actions by the Bangladesh government by closing its land borders for import of some goods from that country.