Free trade agreements (FTAs) must ensure a fair competition, and the ongoing negotiations for the India-UK FTA aim to create a mutually beneficial outcome, according to Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI). Panda participated in the FICCI Forum of Parliamentarians in the UK, emphasizing India’s competitiveness and the need for rules-based trade agreements. Panda expressed optimism for finding common ground, as both governments have completed 10 rounds of negotiations towards a comprehensive FTA that could significantly enhance the bilateral trading relationship. The FICCI has contributed inputs towards the FTA and is confident in reaching a broad-based agreement that serves the interests of both countries.
Panda, also the Managing Director of Indian Metals and Ferro Alloys Ltd (IMFA), highlighted the importance of critical minerals in India’s growth. He emphasized the need for sustainable and inclusive growth, particularly in sectors like electric mobility, renewable energy, and high-end industrial applications, which rely on critical minerals. To address India’s import dependency, FICCI has prepared a report on “New Age Energy Minerals,” providing insights into the availability, resources, demand forecast, and value chain of critical minerals. The report recommends prioritizing exploration in India and leveraging mining expertise and strategic relationships to access these resources. Panda specifically mentioned the significance of locating lithium deposits in Jammu and Rajasthan.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
