The centre will focus on UK, EU and Canada trade agreements to open Western markets for labour-intensive products and to give a boost to the sectors that create employment. As part of this policy, the commerce ministry will talk to these countries to make Indian products more competitive via import duty reduction and quality control orders, a top official told this newspaper.
In the context of the Free Trade Agreement (FTA), a key aspect is the recognition that the Indian industry needs to enhance its competitiveness. To achieve this, certain measures, such as protection from import duties and the implementation of quality control orders, are considered important.
“Protection from import duties can serve as a mechanism to shield domestic industries from foreign competition. By reducing import tariffs on Indian goods, the government aims to make Indian products relatively cheaper than other countries’ goods. This protection allows Indian labour-intensive industries to have a competitive advantage and encourages their growth and development,” the official said.
Additionally, the official stated that implementing quality control orders is crucial for ensuring that domestic industries meet certain standards in terms of product quality, safety, and performance. By establishing quality control measures, the government seeks to enhance the overall competitiveness of the Indian industry. These measures help in building consumer confidence, fostering trust in domestic products, and promoting fair competition within the market.
“By combining protection from import duties with quality control orders, the Indian industry can strive to improve its competitiveness both domestically and in the international market. These measures can create an environment where local industries can flourish, innovate, and compete effectively with foreign counterparts, ultimately contributing to the country’s economic growth and development,” the official said.
Meanwhile, as per sources, the UK trade officials will likely meet the Indian counterpart this week to discuss the FTA. The Indian Government is hopeful that both countries will reach a consensus soon. However, The Guardian reported that the UK’s Prime Minister is not in the mood for a quick-fix trade deal.