{"id":3399,"date":"2022-12-27T00:00:00","date_gmt":"2022-12-27T00:00:00","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/uncategorized\/27-12-2022\/pushing-for-free-trade-agreements\/"},"modified":"2025-09-13T18:38:00","modified_gmt":"2025-09-13T13:08:00","slug":"pushing-for-free-trade-agreements","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/editorial-analysis\/27-12-2022\/pushing-for-free-trade-agreements","title":{"rendered":"Pushing for Free Trade Agreements"},"content":{"rendered":"\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Context<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">In recent times, the Indian government has been <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>actively pursuing free trade agreements (FTAs)<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> with a wide range of countries.<\/span><\/span><\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Current Scenario<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">After initially fighting against the Free Trade Agreements (FTA), the Government has now started rooting for it.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Many pacts have been signed with different countries like Australia and the UAE and many are under process like the UK and the European Union, among others.<\/span><\/span><\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><br><\/p>\n\n\n\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Free Trade Agreement (FTA)<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>About:\u00a0<\/strong><\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">The concept of free trade is the opposite of trade protectionism or economic isolationism.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Relationship Between Multilateralism and FTA<\/strong><\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Article 1<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> of <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>GATT (General Agreement on Tariffs and Trade)<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> (about Most Favoured Nation) states that &#8220;any advantage, favour, privilege, or immunity granted by any contracting party to any product originating in or destined for any other country shall be accorded immediately and unconditionally to the like product originating in or destined for the territories of all other contracting parties.&#8221;\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">However, <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>derogations from this MFN principle are permitted for forming FTAs<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> under specific conditions as per the following provisions of the WTO Agreements:\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">FTA members shall not erect higher or more restrictive tariff or non-tariff barriers on trade with non-members than existed prior to the formation of the FTA.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Elimination of tariffs and other trade restrictions be applied to &#8220;substantially all the trade between the constituent territories in products originating in such territories.&#8221;<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Elimination of duties and other trade restrictions on trade within the FTA to be accomplished &#8220;within a reasonable length of time,&#8221; meaning a period of no longer than 10 years<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Different Types of Economic Engagements:<\/strong><\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Preferential Trade Agreement (PTA):<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> In a PTA, two or more partners agree to reduce tariffs on an agreed number of tariff lines. The list of products on which the partners agree to reduce duty is called a positive list. India MERCOSUR PTA is such an example. However, in general PTAs do not cover substantially all trade.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Free Trade Agreement (FTA):<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> In FTAs, tariffs on items covering substantial bilateral trade are eliminated between the partner countries; however, each maintains an individual tariff structure for non-members. India Sri Lanka FTA is an example. The key difference between an FTA and a PTA is that while in a PTA there is a positive list of products on which duty is to be reduced; in an FTA there is a negative list on which duty is not reduced or eliminated. Thus, compared to a PTA, FTAs are generally more ambitious in coverage of tariff lines (products) on which duty is to be reduced.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Comprehensive Economic Cooperation Agreement (CECA) and Comprehensive Economic Partnership Agreement (CEPA): <\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">These terms describe agreements which consist of an integrated package on goods, services and investment along with other areas including IPR, competition etc. The India Korea CEPA is one such example and it covers a broad range of other areas like trade facilitation and customs cooperation, investment, competition, IPR etc.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Custom Union: <\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">In a Customs union, partner countries may decide to trade at zero duty among themselves, however they maintain common tariffs against the rest of the world. An example is Southern African Customs Union (SACU) amongst South Africa, Lesotho, Namibia, Botswana and Swaziland. The European Union is also an outstanding example.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Common Market:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> Integration provided by a Common market is one step deeper than that by a Customs Union. A common market is a Customs Union with provisions to facilitate free movements of labour and capital, harmonize technical standards across members etc. The European Common Market is an example.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Economic Union:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> Economic Union is a Common Market extended through further harmonization of fiscal\/monetary policies and shared executive, judicial &amp; legislative institutions. European Union (EU) is an example<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Significance of FTAs (Why are all Countries opting for it?)<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">By eliminating tariffs and some non-tariff barriers FTA partners get <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>easier market access<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> into one another&#8217;s markets. Countries negotiate Free trade Agreements for a number of reasons.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Exporters prefer FTAs to multilateral trade liberalisation because they get <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>preferential treatment<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> over non-FTA member country competitors.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">FTAs may also<\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong> protect local exporters <\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">from losing out to foreign companies that might receive preferential treatment under other FTAs.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Possibility of <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>increased foreign investment<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> from outside the FTA.\u00a0<\/span><\/span><\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Major Challenges in finalising FTAs<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Demographic dividend:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">These Non-tariff issues could pose hurdles for India in reaping the gains of its comparative labour advantage.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Shift of focus:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Wrapping up these FTA talks could narrow soon given that India\u2019s focus would shift to the series of events linked to India\u2019s G20 Presidency.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Influential lobbies can delay it more:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Political lobbying from influential lobby groups such as farmer unions and the auto sector could intensify.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Priority to non-tariff issues:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">In much of the negotiations currently under discussion, climate action, carbon emissions and labour issues are taking precedence over trade issues.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Protectionist Tendencies:\u00a0<\/strong><\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Moves such as plans to raise import duties on \u201cnon-essential items\u201d, will only expose the government to the charge of being protectionist.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">The first two decades after 1991-92 saw a steep decline in tariff rates.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">The trend, however, has been reversed under the ruling government with the average applied import tariff actually rising. But still challenges remain.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Recessionary conditions:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">These could potentially offer partner countries a handle to trigger non-tariff protectionist measures as developed nations stare at recessionary conditions.\u00a0<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Environmental issues:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Developed countries such as the US have brought up the issue of carbon emissions in the process of manufacturing melted steel as a non-tariff-related issue.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">India mostly produces steel generated from iron ore which comes from mining.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Most developed countries have resorted to methods to generate it from scrap which results in lower carbon emissions. Thus, there may be a levy of carbon adjustment tax.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>GSP (Generalised System of Preferences):<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Currently, we may benefit from the GSP but if they come in a non-tariff barrier by citing labour or environment, then it becomes an issue citing standards, adjustments, child labour as reasons.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">India had been a beneficiary of the US\u2019 GSP programme since November 1975, under which beneficiary countries are allowed to export thousands of products to the US without the added burden of duties.\u00a0<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Carbon Border Adjustment Mechanism:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">\u00a0<\/span><\/span><\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">The European Union has proposed CBAM to tax carbon-intensive products, such as iron and steel, cement, fertiliser, aluminium and electricity generation from 2026.\u00a0<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">Here, EU importers will buy carbon certificates corresponding to the carbon price that would have been paid, had the goods been produced under the EU\u2019s carbon pricing rules.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Way Ahead<\/u><\/strong><\/span><\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Reducing barriers: <\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">At a time when firms are looking to diversify away from China, pursuing a China plus one strategy, India must lower barriers to trade, seek actively to be a part of global value chains.<\/span><\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>Proceed with care:<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"> While negotiations must surely proceed with care, they must not be derailed over these issues.<\/span><\/span><\/span><\/li>\n<\/ul>\n\n\n\n<div>\n<table cellspacing=\"0\" style=\"border-collapse:collapse; border:none; table-layout:fixed; width:624px\">\n<tbody>\n<tr>\n<td style=\"background-color:#d9ead3; border-bottom:1px solid #000000; border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; vertical-align:top\">\n<p style=\"text-align:center\"><span style=\"font-size:13pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong><u>Mains Practice Question<\/u><\/strong><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\"><strong>[Q] <\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:'Book Antiqua',serif\"><span style=\"color:#000000\">India must lower barriers to trade to be a part of global value chains. Discuss in the context of the recent push by the Indian Government to finalise various free trade agreements (FTAs).<\/span><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Context Current Scenario Free Trade Agreement (FTA) Significance of FTAs (Why are all Countries opting for it?) Major Challenges in finalising FTAs Way Ahead Mains Practice Question [Q] India must lower barriers to trade to be a part of global value chains. Discuss in the context of the recent push by the Indian Government to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[22],"tags":[26,68],"class_list":["post-3399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editorial-analysis","tag-gs-3","tag-inclusive-growth-related-issues"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2023\/07\/1494375Screenshot_6.png","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/3399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=3399"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/3399\/revisions"}],"predecessor-version":[{"id":54053,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/3399\/revisions\/54053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/3400"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=3399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=3399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=3399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}