India's Trade Minister, Piyush Goyal, announced on Thursday that the country has requested Japan and South Korea to reconsider their existing free-trade agreements (FTAs) with India to ensure a more "balanced and equitable" trade relationship. The move comes in response to the widening trade gap between India and the two Asian nations.
During an event in New Delhi, Minister Goyal highlighted the need for Japan and South Korea to reciprocate the market access that India has granted to their exports. He emphasized that despite India opening its markets to these countries, there remains a lack of sufficient opportunities for Indian exports to penetrate their respective markets. This situation has persisted for the past decade, particularly with Japan.
Minister Goyal revealed that Japan's exports to India have experienced substantial growth of 200%, underscoring the urgency of addressing the existing trade disparity.
In addition to seeking renegotiation with Japan and South Korea, Minister Goyal expressed concerns over India's free trade agreement with the Association of Southeast Asian Nations (ASEAN), referring to it as "ill-conceived" and "unfair" to the Indian industry.
As India strives to foster mutually beneficial trade relationships with its key trading partners, the call for renegotiation seeks to promote a more balanced and inclusive approach to trade that benefits all participating nations.
