» India FTAs
The UPA government recently announced India’s Foreign Trade Policy for 2009-2014. The new FTP continues on neoliberal lines, with a strong export orientation. According to this, trade expansion is to be used as an effective instrument of employment generation. According to researcher Kalyani Menon Sen, apart from a firm commitment to the WTO and the successful conclusion of the Doha Development Round, the new FTP shows a distinct turn away from European and other developed markets towards Latin America, Africa, Oceania and other Asian countries. The reason given for the diversification of Indian exports to other markets is the “weaker demand in developed economies, triggered by falling asset prices and increased economic uncertainty”. As many as 26 new countries have been included within the ambit of the Focus Market Scheme, and there are significant incentives for exports to all countries in Africa and Latin America. While there is no specific mention of the EU, the new FTP reaffirms India's commitment to deepening its trade engagement with “other major economic groupings”.
Government of India Foreign Trade Policy 2009-2014