The agreements will help integrate the South Asian nations products more deeply into global supply chains, Narendra Modi has said
Trade deals struck by India will facilitate wider access to the EU and UK, Prime Minister Narendra Modi has said.
The South Asian nation now has free trade agreements with38 nations, including pacts withthe UKsigned last year, and one withthe EUannounced in January.
India and the US are alsofinalizingthe details of a deal.
The agreements are significant not merely because of tariff reductions, but also for market access in advanced economies, Modi told PTI in an interview on Sunday.
The pacts will help integrate Indian products more deeply into global supply chains, he said.
"The India-UK FTA and the India-EU FTA will eliminate tariffs on 99% of our exports to these countries. Merchandise trade with both Australia and the UAE has doubled since the signing of FTAs," he told the news agency.
Modi said Indian defense manufacturing is rising, the country is a global supplier of pharmaceuticals, and electronics manufacturing has expanded. He also cited progress in the textiles, engineering goods, and chemicals sectors.
Artificial intelligence needs computing power and data center infrastructure, and India is laying the foundation for a thriving domestic AI ecosystem by expanding capacity, the Indian leader added.
On Monday, Modi will inaugurate a global AI Impact Summit, which aims to declare a "shared roadmap for global AI governance and collaboration."
Making AIaccessible, affordable, and usablefor a diverse set of users is at the core of India's AI policy.
(RT.com)
