• About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST
TFI Official Merchandise
हिन्दी
Wednesday, May 18, 2022
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Places of Worship Act is riddled with loopholes and inherently biased against Hindus

    Places of Worship Act is riddled with loopholes and inherently biased against Hindus

    Why the world needs to know the truth about Taj

    Why the world needs to know the truth about Taj

    After Gyanvapi Masjid, it’s time for the truth behind Shahi Idgah Masjid to come out

    After Gyanvapi Masjid, it’s time for the truth behind Shahi Idgah Masjid to come out

    CBI tightens its noose around Karti Chidambaram

    CBI tightens its noose around Karti Chidambaram

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    AK-47

    AK-47: How a Russian gun changed the course of history

    India has an effective solution for the “Chicken’s Neck” problem

    India has an effective solution for the “Chicken’s Neck” problem

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    Original NATO is breathing its last, so a duplicate rises

    Original NATO is breathing its last, so a duplicate rises

    Xi Jinping

    Xi Jinping is stepping down

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Teresa documentary

    Saint or Sinner? – A Sky Documentary that Exposes Mother Teresa

    IVC

    Rakhigarhi expedition once again proves why India was fully developed thousands of years ago

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    Andrew Symonds

    Andrew Symonds: Once in a generation cricketing legend

    Archies

    Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Places of Worship Act is riddled with loopholes and inherently biased against Hindus

    Places of Worship Act is riddled with loopholes and inherently biased against Hindus

    Why the world needs to know the truth about Taj

    Why the world needs to know the truth about Taj

    After Gyanvapi Masjid, it’s time for the truth behind Shahi Idgah Masjid to come out

    After Gyanvapi Masjid, it’s time for the truth behind Shahi Idgah Masjid to come out

    CBI tightens its noose around Karti Chidambaram

    CBI tightens its noose around Karti Chidambaram

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    They kept abusing Adani until one day Adani bought them, A Quint Saga

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    AK-47

    AK-47: How a Russian gun changed the course of history

    India has an effective solution for the “Chicken’s Neck” problem

    India has an effective solution for the “Chicken’s Neck” problem

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    Original NATO is breathing its last, so a duplicate rises

    Original NATO is breathing its last, so a duplicate rises

    Xi Jinping

    Xi Jinping is stepping down

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Sanctity of Shri Jagannath Puri Mandir should not become a victim of political tussle

    Teresa documentary

    Saint or Sinner? – A Sky Documentary that Exposes Mother Teresa

    IVC

    Rakhigarhi expedition once again proves why India was fully developed thousands of years ago

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

    Andrew Symonds

    Andrew Symonds: Once in a generation cricketing legend

    Archies

    Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
No Result
View All Result

Vietnam races ahead: Vietnam-EU trade deal must prompt India to fast track FTAs with USA and UK

Amit Agrahari
by Amit Agrahari
15 June 2020
in Opinions
0
Vietnam, EU, FTA, European Union, India, USA, UK, Australia,
1.7k
VIEWS
Share on FacebookShare on Twitter

A few days ago, the Vietnamese rubber-stamp parliament ratified a free trade agreement with the European Union. Under the FTA, which will be effective from July this year, both parties would bring down duties on 99 percent of the products to zero.

The EU-Vietnam FTA causes insecurity among Indian exporters who fear losing the European market, who are already witnessing a significant slump in orders due to Coronavirus pandemic.

“In many segments, India is closely competing with Vietnam. Since Vietnam has signed an FTA, we will have to be careful in those segments over a period of time. India has been losing market share (in exports) to Vietnam and therefore if we talk about footwear, leather goods, furniture marine goods, tea and coffee, these are the sectors where we will have impact,” said Ajay Sahai, director general and CEO of Federation of Indian Export Organisations (FIEO), an umbrella body of Indian exporters.

Vietnam’s attractiveness as a manufacturing hub and its progress in free trade agreements has become a major worry for the Indian government as well as Indian exporters.

India desperately wants the largest pie of the companies shifting manufacturing units out of China, as the labour cost increases in the Communist country. But, as per a study by Nomura Group on 56 companies shifting production out of China between April 2018 to August 2019, only three of these relocated to India while 26 went to Vietnam, 11 to Taiwan, and eight to Thailand.

For various advantages over India, Vietnam is leaving India behind in the way to become a new “factory of the world” as China loses the pre-eminent position. Now, India must fast track its trade deals with the friendly countries around the world which could get their companies to manufacture in India, and implement necessary domestic macroeconomic reforms in order to compete with Vietnam.

Read: As companies flee China, Vietnam is taking away the cake India so desperately wishes to have

A free trade deal with the European Union looks unlikely as the talks are going on for more than a decade with no concrete results. But, India could fast track trade deals with the United States, United Kingdom, Australia, New Zealand, West Asia, and other rich friendly countries that need a low-cost manufacturing hub for their companies.

The United States alone has an economy bigger than the European Union, and a free trade deal could be fast-tracked with the Trump administration. This would be India’s counter to EU-Vietnam free trade deal.

India-United States free trade deal is already in the final stage with broad contours of the deal already finalized. Both countries should hold whatever negotiation is left as soon as Coronavirus pandemic is over and announce the deal.

The trade deal was to be finalized during PM Modi’s visit to the United States but it got delayed due to Goyal’s US counterparts’ preoccupation with trade negotiations with Japan and China. “Therefore, probably, the finalization of the trade package got a little delayed. But we have almost resolved the broad contours of what we are going to announce. I don’t see any great difficulty in closing the gaps on the first announcement,” said Piyush Goyal.

The British PM Boris Johnson is also keen to have an FTA signed with India after Brexit and both countries must take the deal forward as they are already major trading partners.

On the Australian front, PM Scott Morrison would go to any extend to have a strategic alliance and free trade deal with India. The Indian government has been hesitant in signing a deal with Australia to protect its dairy sector, but after the Coronavirus pandemic, the global equations have changed drastically and strategic ties and driving economic ties. Therefore, India must take FTA with Australia forward.

If the Indian government wants to make the country “factory of the world”, bold and aggressive economic agenda must be pursued through land, labour, and capital reforms on the domestic front and FTAs with friendly nations on the international front. Otherwise, the tiny nations in Southeast Asia like Vietnam, Thailand would capitalize on the opportunity of the restructuring of global supply chains and India would be left behind in the race.

Tags: #USAaustraliaEUEuropean UnionFree Trade DealFTAIndiaUKVietnam
Share106TweetSend
Previous Post

More than just a star, he was a man of humble beginnings and a beautiful soul. But now Sushant is no more

Next Post

Brazil has an all-round advantage over China, and Trump is making sure Bolsonaro strikes Xi where it hurts

Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Necklace of Diamonds

How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

18 May 2022
Places of Worship Act is riddled with loopholes and inherently biased against Hindus

Places of Worship Act is riddled with loopholes and inherently biased against Hindus

18 May 2022
OIC Pakistan

Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

18 May 2022
Why the world needs to know the truth about Taj

Why the world needs to know the truth about Taj

17 May 2022

Popular This Week

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar
Cinema

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

by Tanya Trivedi
17 May 2022
tukey wheat India
Geopolitics

After the West, now Turkey extends its begging bowl to India

by Abhinav Singh
12 May 2022
Archies
Cinema

Zoya Akhtar’s upcoming Netflix project proves why Bollywood is allergic to talent

by Sanbeer Singh Ranhotra
15 May 2022
Anil Ambani Yes Bank
Business

From Yes Bank to SBI: How Anil Ambani tied many private and public sector banks around his neck and jumped into sea

by Amit Agrahari
17 March 2020
They kept abusing Adani until one day Adani bought them, A Quint Saga
Business

They kept abusing Adani until one day Adani bought them, A Quint Saga

by Abhishek Kumar Singh
16 May 2022

©2022 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
हिन्दी
  • About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST

©2022 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost