India's FTAs with the European Union and the United States: Implications for the Economy and Society скачать в хорошем качестве

India's FTAs with the European Union and the United States: Implications for the Economy and Society

Forum for Trade Justice Webinar India's Free Trade Agreements with the European Union and the United States: Implications for the Economy and Society The Government of India has agreed to two recent free trade agreements (FTAs); one that it has signed with the European Union (EU) and another framework that it has finalised for an Interim Agreement regarding reciprocal and mutually beneficial trade with the United States (US). These represent a significant and most likely irreversible shift in its trade policy. While India has been increasingly opening up its markets under bilateral FTAs, and more so in agreements with Global North countries, the latest agreements show the extent to which India is liberalising across its sensitive agriculture sector as well as critical sub-sectors under manufacturing and services. It has also committed to buy 500 billion USD worth of goods from the US and give up its purchase of cheaper sources of oil. Moreover, India seems to have conceded long-held guardrails on key areas such as intellectual property (IP) and digital economy in the EU FTA, with the US probably following up with similar demands in consecutive installments. Also worrying are negotiations that are less publicised, for example on investment, government procurement, energy and raw material. In return India has ostensibly gained market access through tariff cuts in both the EU and the US. But whether that will result in actual increase in exports, economic growth and jobs at home still remains to be seen. These two agreements now place previously protected areas on the table. The two deals are also supported by a host of unilateral measures and together seem to be at direct conflict with India’s long held positions at the multilateral level at the World Trade Organisation (WTO). How India keeps its voice as the Global South as it prepares for the 14th WTO Ministerial Conference (MC14) scheduled for 26-29th March 2026 will be critical. The Forum for Trade Justice is organising this webinar to discuss the pros and cons of these trade deals, their interaction with India’s trade and development policy space, and the implications for Indian economy and society.