From dairy to rice, India provided security to sensitive areas in FTA with Britain: Piyush Goyal
Commerce and Industry Minister Piyush Goyal On Saturday, India said that India has protected all sensitive areas including dairy, rice and sugar in the Free Trade Agreement (FTA) with Britain. He said that this agreement will help in promoting the export of labor-dominated products like shoes, textiles and gems and jewelery. Goyal told reporters here, “We have given protection to all sensitive areas of India. We have not opened our doors for Britain (those areas). It is an unprecedented Free Trade Agreement (FTA) due to comprehensive benefits. ”The agreement was signed in London on 24 July. He further said that this agreement will open the doors of developed countries for India.
FTA allows to increase fees
The Commerce Ministry said on Saturday that the Free Trade Agreement (FTA) with Britain allows India to temporarily increase the duty or suspend concessions, if the sudden increase in British imports causes damage to domestic industries. The Indo-Bitten FTA was signed in London on 24 July. This said, “The agreement includes bilateral safety measures. It allows India to temporarily increase the duty on some goods or suspend the duty concessions, if a significant increase in imports from Britain causes serious damage to Indian domestic industries or threatens it.”
Right to take action
The ministry said that the duration of bilateral safety measures under this agreement is up to two years initially. If the investigation shows that safety measures are still needed to prevent or resolve serious damage and facilitate adjustment to the domestic industry, then this period can be extended for an additional two years. It states, “Thus, the total maximum duration of a bilateral safety measure is four years.” In addition, if any bilateral safety measures are applied for only two years, no country has the right to retaliate. But if this remedy is extended for four years, countries will have the right to retaliate.
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