Darpan Jain, Additional Secretary in Department of Commerce,met with tech firms,GCCs,and MSMEs in Bengaluru Tuesday . Discussed potential of free trade agreements (FTAs). As lead negotiator for FTAs with US and Europe, Jain stressed businesses must grasp these agreements to tap into their benefits .
In last five years,India wrapped up nine FTAs with 38 countries. Jain's talks aimed to clear up treaty details,helping participants see export and import chances. “Real benefit of agreement comes when entrepreneurs and exporters know how to use them for trade,” Jain said. Urged business community to use these deals to boost India's global trade.
Bengaluru, a known IT and business hub,was picked for initial talks . Jain pointed out services are key in these FTAs,offering big export boosts to partner nations. He and colleague Anupama plan ongoing talks with industry to deepen understanding and use of FTAs.
Commerce Department launched a new platform,Trade Connect,meant to streamline information,answer queries,and ease trade processes. Also rolled out an intelligence portal to help exporters track product trends,market openings, and competition.
Jain noted India's exports work at eight-digit level now,offering detailed info to guide exporters through global trade challenges. Cited textile industry—$359 billion market now under zero-duty. Gems and jewellery at $442 billion,also zero tariffs,as are engineering exports.
FTAs open nearly $3 trillion in market chances, Jain said. “These are imports from partners where our exporters used to pay tariffs. Now,they won't,” he explained. Major financial edge for Indian exporters. But how much of this will be realized…
