How can India strengthen its international trade relations with affluent democracies?
Examining the approach towards enhancing trade partnerships with wealthy democratic nations.
- Trade Agreements: Pursue comprehensive free trade agreements (FTAs) with affluent democracies like the US, EU, UK, Canada, and Japan, focusing on reducing tariffs and non-tariff barriers.
- Regulatory Alignment: Harmonize standards and regulations with global norms to facilitate smoother market access for Indian goods and services.
- Strategic Sectors: Promote collaboration in high-value sectors such as technology, pharmaceuticals, renewable energy, and digital services.
- Investment Promotion: Create investor-friendly policies and bilateral investment treaties to attract FDI from wealthy democracies.
- Supply Chain Integration: Integrate into global value chains by leveraging initiatives like ‘Make in India’ and ‘PLI’ schemes.
- Diplomatic Engagement: Strengthen diplomatic ties and participate in multilateral forums to build trust and resolve trade disputes amicably.
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