Another reason that makes FTA an appealing option for other countries is the import India does from other countries without a trade agreement. The report highlighted that India does over 75% of imports from other countries without FTA. The main reason is India's high import duties, which make it difficult for these countries to access India's large and rapidly growing market," it said. The countries with which India is negotiating trade agreements already have low import duties. In contrast, India's import duties are higher at 12.6 per cent," GTRI Co-Founder Ajay Srivastava said.

Source: Daily Nation January 03, 2024 01:02 UTC