She explained that the European Union trade agreement is a large one as it consists of 28 countries, but India is also doing bilateral trade with “very many countries”. She gave examples of New Zealand, Australia, on-going negotiations with Canada, EFTA countries.
MUST READ | Excess liquidity weighing on Indian equities, says Finance Minister Nirmala Sitharaman
“So the approach is that we have to rapidly connect with many parts of the world with whom negotiations have been going on for a very long time. But the political will on both sides is the one on which I'll harp for a minute,” adding that countries that have spent a long time negotiating with India, and India itself, have realised that the sooner they tie the bilateral relationship, the sooner the agreements will benefit the people. These ties, she said, will “bring in that lubrication which is required at a time when the world is in a very difficult position”.
“Trade negotiations which have been going on for several years today are actually being ramped up and concluded quickly. It is not to say that the negotiations have been easy but I feel this approach of ‘yes we want multilateralism but yet we are not waiting for it, we are going ahead with bilateral’ has really rewarded India and I'm sure it has rewarded those countries as well,” she said.
FM Sitharaman said that India’s approach is that it should tie up with as many economic jurisdictions as possible.