New elements related to sustainability, inclusivity and security are now playing an important role in global trade discussions and they would dictate the future talks, a senior official said on Tuesday.
Additional Secretary in the Department of Commerce L Satya Srinivas also emphasised on the importance of adopting a holistic perspective on the commercial significance of free trade agreements for the country.
"On the plate of trade, there are vast new dimensions getting added...How do we deal with those new dimensions...These new regulations and new focus areas of present will dictate our trajectory towards the future," he said at CII's Partnership Summit.
Earlier in trade discussions, the main issues which used to figure included reduction or removal of customs duties and non-tariff barriers.
In addition to these, now 'new dimensions are coming into the trade play which is sustainability and security induced", he said, adding these issues like environment and labour are also bringing in regulatory as well as economic uncertainties.
Srinivas added that as the country is targeting to export $2 trillion worth of goods and services by 2030, FTAs are going to play an important role in that.
"(In FTAs), we need to look at goods, investments and services all together," he said stating that besides these, the new elements have also become important in terms of future.
India has so far implemented over a dozen trade agreements with countries including Singapore, Korea and Japan and is now negotiating trade pacts with the European Union, UK, Oman, and Peru.
In the FTAs with UAE, Australia and EFTA (European Free Trade Association) bloc, new elements are there.
New rules such as EU's carbon tax and deforestation regulations are also impacting trade.
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