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India Does a Turnaround on Trade Spurred by Post-Covid Economic Reality

Other News Materials 11 October 2021 01:51
India Does a Turnaround on Trade Spurred by Post-Covid Economic Reality

India is racing to wrap up a clutch of quick-fire bilateral trade pacts by the end of March, officials said, as economic necessity spurs a shift from New Delhi’s usual go-slow approach on trade deals, Trend reports citing Bloomberg.

The shift also means that Prime Minister Narendra Modi’s government is prioritizing “early harvest” pacts over comprehensive free trade agreements with partners, a move that’s leaving some countries perplexed, officials said, asking not to be identified as the talks are private.

Modi’s office is pushing ministries, particularly foreign and commerce, to deliver on initial deals with countries including Australia and the U.K., several officials said. That’s even as India walked away from Asia’s biggest multilateral agreement in 2019 and has shown little interest so far in a Trans-Pacific pact.

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