Arvind Panagariya says India can explore possibility of free trade agreement with US in services sector

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New Delhi: Former Niti Aayog vice chairman Arvind Panagariya mentioned Friday India may discover the opportunity of a free commerce settlement (FTA) with the US within the companies sector.

India presently has FTAs with over dozen nations together with Japan, South Korea, Singapore and ASEAN nations.

“Down the road, the US being such an important strategic partner. One area where we can explore an FTA agreement is services. I think goods is problem with the US because the US will insist on agriculture liberalisation,” Panagariya mentioned at an occasion organised by business physique CII.

He mentioned it might be troublesome to have an FTA with the US in items however each the nations can sit up for a free commerce pact in companies sector as a result of each the nations have some widespread curiosity.

On an FTA in items with the US, Panagariya mentioned, “You need to deal with agriculture because the US would never do goods agreement only in industry.”

Noting that it’s going to even be a bit inconsistent with WTO guidelines, Panagariya mentioned, “So you may’t fudge it, and we won’t open our agriculture market, as a result of the USA is a brilliant aggressive nation in agriculture.

Arvind Panagariya says India can explore possibility of free trade agreement with US in services sector

A file picture of Arvind Panagariya. PTI

“So FTA with USA in goods at least in the near future does not look to me like something that can happen.”

Replying to a question on current financial coverage bulletins, the Columbia College economist mentioned the RBI ought to have reduce the benchmark rate of interest by 50 foundation factors.

The Reserve Financial institution of India Thursday reduce benchmark rate of interest by 0.25 % for the second time in a row to deliver rate of interest to the bottom degree in a single 12 months on softening inflation.

Commenting on the controversy over GDP knowledge, he mentioned that some cynical economists have questioned GDP knowledge and when he was within the authorities for 3 years and it was by no means a difficulty.

Former RBI Governor Raghuram Rajan had lately expressed doubts over Indian economic system rising at 7 % when not sufficient jobs have been being created and had mentioned the present cloud over the GDP numbers should be cleared by appointing an neutral physique to take a look at the info.

Additionally expressing considerations over “political interference” in influencing statistical knowledge in India, as many as 108 economists and social scientists had known as for the restoration of “institutional independence” and integrity to the statistical organisations.

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