TRADE MINISTRY PLANS TO PREVENT RESOURCE STRAIN IN FTAS NEGOTIATIONS

Why in the news?

The Commerce Ministry led by Secretary Sunil Barthwal strategized on negotiating FTAs with the UK, EU, and widening the deal with Australia.
The focus was on preventing resource strain and overtraining while effectively managing negotiations.
Experts emphasized the need for a dedicated chapter on Critical Minerals and interdisciplinary expertise in negotiations.

source:slideserve

About Free Trade agreements( FTAs ):

FTAs are agreements between countries to reduce or eliminate trade barriers.
These barriers can include tariffs (taxes) and non-tariff barriers like regulatory laws.
FTAs cover trade in goods and services, investor protections, and intellectual property right

What are Critical Minerals?

Critical Minerals are vital for economic development and national security.
Shortages could lead to supply chain vulnerabilities.
Essential for various sectors including electronics, telecommunications, transport, and defense.
Key components in clean technologies, information technology, and advanced manufacturing.

Associated Article:

https://universalinstitutions.com/the-india-efta-trade-deal/

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