New Click here to Enroll in NaBFID Analyst Intro Class on May 6

    Question

    Passage on Economic Cooperation and Trade Agreement (for next 2 Qs) Senior officials from India and the EU resumed the much-awaited negotiations for a proposed free trade agreement (FTA) here on Monday, after a gap of almost nine years. Both the sides are set to focus on the “deliverables” first during the course of the negotiations, before moving on to contentious matters. Duty-free access to the EU market for labour-intensive industries, mainly textiles and garments, will be among India’s key demands. The negotiations restart at a time when the US and the EU, India’s top markets that accounted for as much as 44% of the country’s merchandise exports in FY22, are staring at a recession. Any collapse in economic growth in these economies could, therefore, potentially put the brakes on the resurgence in India’s exports witnessed in FY22. Before the negotiations began, commerce and industry minister Piyush Goyal met European Commission executive vice-president Valdis Dombrovskis on June 17 and “discussed ways to fast track negotiations”. Formal negotiations between the two sides for the FTA were stuck over stark differences after 16 rounds of talks between 2007 and 2013. The EU insisted that India scrap or slash hefty import duties on sensitive products such as automobiles, alcoholic beverages and dairy products, and open up legal services. Similarly, India’s demand included greater access to the EU market for its skilled professionals, among others. However, both the sides have now decided to take the negotiations to their logical conclusion.

    As on April, 2022, What is the total number of Free

    Trade Agreements (FTAs) India has signed?
    A 10 Correct Answer Incorrect Answer
    B 13 Correct Answer Incorrect Answer
    C 14 Correct Answer Incorrect Answer
    D 11 Correct Answer Incorrect Answer
    E 16 Correct Answer Incorrect Answer

    Solution

    So far, India has signed 13 Free Trade Agreements (FTAs) with its trading partners, including the 3 agreements, namely India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), India-UAE Comprehensive Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) signed during the last five years.

    Practice Next