India Revises FTAs to Boost Domestic Industries

Union Minister Jitin Prasada announced at an ACMA session that India is revising FTAs with South Korea, Malaysia, ASEAN countries, the UK, and the EU to benefit domestic industries. The minister also highlighted the need for increased R&D investment and emphasized the importance of boosting exports and reducing import dependence.

Union Minister of State for Ministry of Commerce and Industry Jitin Prasada revealed that India is revising its free trade agreements (FTAs) with South Korea, Malaysia, and various ASEAN countries to support the country's domestic industries.

Speaking at the 64th annual session of the Automotive Component Manufacturers Association (ACMA), Prasada also mentioned that FTAs with the UK and the European Union are being led by Prime Minister Narendra Modi. 'It will play a great role for the auto components industry,' he added.

In his address, Prasada urged the auto components industry to significantly increase its investment in research and development (R&D) activities, stating that current investment stands at just 1 percent of revenue. He also stressed the importance of boosting exports, reducing dependence on imports, and ensuring industry growth.

(With inputs from agencies.)