Buoyed by the recent surge in Indian merchandise exports which reached $400 billion this year, India will give new impetus to economic diplomacy and market its business more boldly and openly across the world, NNA told a senior government official.
India recently signed crucial trade agreements with the United Arab Emirates (UAE) and Australia. Talks with Israel, the European Union and Britain are also progressing well, according to a senior official.
Recently, Trade and Industry Minister Piyush Goyal indicated that several agreements will be signed by the end of 2022
Although he gave no time frame, the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE was concluded in a record time of 88 days. India expects a surge in bilateral trade with Australia and the United Arab Emirates after the pacts.
Earlier, India walked out of the Regional Comprehensive Economic Partnership (RCEP) negotiations citing national interests.
Last year in August, Prime Minister Narendra Modi addressed heads of overseas missions and urged them to take advantage of the post-Covid business environment and promote Indian businesses.
He also urged Indian envoys to raise global awareness of India’s capabilities to develop a reliable supply chain and valuable products.
Senior officials believe that the COVID-19 pandemic has shown that overreliance on the supply chain to one country or source has its limits and that the world now considers India and other developing countries as alternatives.
Hence, India can expect a major push from the government to promote Indian businesses abroad, as various other countries are doing as part of diplomatic practice.
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