The agreements will help integrate the South Asian nation’s products more deeply into global supply chains, Narendra Modi has said
Trade deals struck by India will facilitate wider access to the EU and UK, Prime Minister Narendra Modi has said.
The South Asian nation now has free trade agreements with 38 nations, including pacts with the UK signed last year, and one with the EU announced in January.
India and the US are also finalizing the details of a deal.
The agreements are significant not merely because of tariff reductions, but also for market access in advanced economies, Modi told PTI in an interview on Sunday.
In this interview with PTI, I’ve expressed my thoughts about diverse issues like this year’s Budget, the Reform Express, why the world wants to do business with India, the NDA Government’s efforts for MSMEs, StartUps, the emphasis on defence and more. https://t.co/58nieqvOvY
“The India-UK FTA and the India-EU FTA will eliminate tariffs on 99% of our exports to these countries. Merchandise trade with both Australia and the UAE has doubled since the signing of FTAs,” he told the news agency.
Modi said Indian defense manufacturing is rising, the country is a global supplier of pharmaceuticals, and electronics manufacturing has expanded. He also cited progress in the textiles, engineering goods, and chemicals sectors.
Artificial intelligence needs computing power and data center infrastructure, and India is laying the foundation for a thriving domestic AI ecosystem by expanding capacity, the Indian leader added.
On Monday, Modi will inaugurate a global AI Impact Summit, which aims to declare a “shared roadmap for global AI governance and collaboration.”
