- The proposed scope of the review could include implementation issues, rules of origin; verification process and release of consignments; customs procedures; to take into account other negotiations on further liberalization of trade in goods; and sharing and exchange of trade data, Commerce and Industry Minister Piyush Goyal said.
- In a separate reply, he said the US has made exploratory requests relating to greater market access for some of their products.
- India has also made similar reciprocal requests for exploring the possibility of greater market access for Indian products.
- A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them.
- Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.
- The concept of free trade is the opposite of trade protectionism or economic isolationism.
- In the modern world, free trade policy is often implemented by means of a formal and mutual agreement of the nations involved. However, a free-trade policy may simply be the absence of any trade restrictions.
- A government doesn't need to take specific action to promote free trade. This hands-off stance is referred to as “laissez-faire trade” or trade liberalization.
- Governments with free-trade policies or agreements in place do not necessarily abandon all control of imports and exports or eliminate all protectionist policies.
- In modern international trade, few free trade agreements (FTAs) result in completely free trade.