December 29, 2013 1:24 PM

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India needs FTAs, can't have wall around itself: Anand Sharma

Defending the policy of inking Free Trade Agreements FTAs with different countries, Commerce and Industry Minister Anand Sharma said, India needs to connect and integrate with the world and can't have a wall around itself. In an interview to PTI, Mr. Sharma said that India's share in the global trade is low and to enhance the overall economic growth, the country has to increase its share by boosting exports. He said, several countries are integrating with each other to enhance trade and investments between them. However, Mr. Sharma said, when it comes to trade agreements, there is always a balance and then there is an inbuilt review mechanism.India has so far implemented FTAs with countries like Singapore, Korea, Japan, Malaysia and Asean. The country is negotiating similar pacts with several nations include Australia, Canada, European Union and New Zealand.Sharma said," We are neither Pacific nor Atlantic, we are an Indian ocean country, so we also have to look at how we have our own fair share or how we have regional mechanisms and arrangements for trade and investments".Besides several experts, apex body of exporters, FIEO, has said that exports to several countries with which India had signed FTAs have shown a declining trend. According to media reports, the finance ministry too had raised concerns over the impact of these pacts on the Indian economy.

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