Outreach Session on Free Trade Agreements (FTA) 1100 Hrs: 11 April 2012: Hotel Dream Cochin: Kochi Confederation of Indian Industry, (CII) Kerala organized an Outreach Session on Free Trade Agreements (FTA) at Hotel Dream, Kochi yesterday. The Session was inaugurated by Mr A K Tripathy, Hon’ble Joint Secretary, Ministry of Commerce & Industry, Government of India. The objective of this session was to highlight the opportunities that will emerge for the Indian industry from the four Comprehensive Economic Cooperation Agreements (CECA) that India has signed with Japan and ASEAN country. Many senior officials from the Ministry of Commerce and Industry were present and addressed as well as interacted with the members during the session.
The other speakers for this session included ; Mr Avinash P Joshi, Director, Ministry of Commerce & Industry, Government of India; Ms Suchismata Palai, Director, Ministry of Commerce & Industry, Government of India; Ms Sonia Pant, Deputy Secretary, Trade Policy Department(Services), Minister of Commerce and Industry, Government of India; Mr A V George, Chairman, CII Kottayam Zonal Council &Director, AV George & Co Pvt Ltd; Mr T S Vishwanath, Member CII International Policy Council & Principal Advisor, APJ-SLG Law Offices.
Mr A K Tripathy, during his Keynote address commented on the favorism of India towards FTA by saying that India has a 1 Trillion Dollar aggressive Services Industry and that 50% of our GDP was trade and Industry related. He also opined that India played a very active role in signing FTA & CECA with neighboring countries. Mr Tripathy also mentioned that India was currently looking vastly at expanding Trade & Investment and that there were tremendous opportunities & potential in Korea, Japan, Singapore, Malaysia & other ASEAN countries that India could tap.
Mr Avinash P Joshi, spoke about the Negotiating Agreement between India and ASEAN on Trade in Services and Investment which are targeted to be concluded by end 2012. He also spoke about the salient features of the IMCECA- Trade in goods, in which the major proposal was Tariff reduction/elimination to be fats tracked by 3-6 months. He also spoke in favor of the CECA and stated it to be a major factor in the robust growth in bilateral investments which have reached US$ 24 billion and Singapore is now the 2nd largest contributor of FDI into India.
Ms Suchismata Palai, spoke about the Indo-Japan Economic Partnership and the relationship that the countries have been harbouring for a long time now. Some of the major gains that have been resulted out of the FTA include, agreement to start and conclude negotiations for a Social Security Agreement (SSA) in three years and also for creating opening for Indian nurses and caregivers. She also spoke extensively about the much debated India-Korea comprehensive Economic Partnership Agreement (CEPA).
Ms Palai spoke in favour of this agreement as this covers not only trade in goods but also investments, services and bilateral cooperation in the areas such as customs, Audio visual co productions, competition, new and renewable energy etc. Ms Sonia Pant, addressed the gathering on the India Japan CEPA & the opportunities for India’s Service sector. Ms Pant mentioned that India has a merchandise trade deficit of US$ 130 billion and the Remittance from NRIs/PIOs is US$ 53 billion. Thus, Net export of services extremely important for financing merchandise trade deficit & it is very critical that Services Agreements result in commercially meaningful market access for India’s service suppliers.
Mr Pranav Kumar, Director & Head, International Policy & Trade concluded the session by saying that the future of India’s service sector lays in promoting FTA’s in the coming years and that International trade should be developed with ASEAN and other countries. Place: Kochi Date: 11 April 2012