Abstract
Multilateral trading system in India is "rule-based". India abides by the norms of the Doha Round and the FTA or the Free Trade Agreements. Investment opportunities developed and efforts were on to increase export activities.The Minister for Commerce and Industry of India declared that India believed in "rule-based" multilateral trading system. The reason being this kind of trading system attends to "global inequalities in international trade". The Minister further went on to say that the country was hoping that it is able to work up a synergy with EU or European Union. He assured that India would abide by the FTA or Free Trade Agreement and also the norms laid down by the Doha Round.
Opportunities in agro processing sector:
It has been observed that the rural sector of India extends great scope of investment as well as business opportunities especially in the agro-processing segment. India is also developing a high level of technological know how, knowledge processes, outsourcing opportunities, engineering as well as software solutions.Reduction of tariffs:
Multilateral trading system in India, the Minister said had improved over the years. The fact that India has reduced tariffs validates this. India is an important trading partner of the European Union.Foreign direct investment and the manufacturing sector:
As regards, foreign direct investment, it was felt that certain rules ought to be eased so that investments from the European Union to India could be facilitated. Since India was also putting in all efforts to strengthen the manufacturing sector in the country, the European Union could play an instrumental role in assisting India to develop in this sector. By doing so, India could have a competitive edge over other nations in the international arena.The role of FTA was very instrumental as the FTA or the Free Trade Agreements would enhance export from India to its trading partners and also facilitate investment from other nations to the country.
