"If this becomes the right oil for the trade system, I think a lot of trade restrictions will come down in trade and it will help us take the world trade to USD 30 trillion by 2025 and USD 2 trillion by 2030 for India," Barthwal said here at a G20 standards conclave organised by Bureau of Indian Standards.
India and Brazil have set an "aspirational" target of increasing two-way trade to $50 billion by 2030, according to Commerce Secretary Sunil Barthwal. The current bilateral trade stands at $15.2 billion, and the two countries are aiming for $30 billion in the next 3-4 years. During discussions, the two sides also explored market access issues and areas of cooperation, including biofuels and renewables. They also agreed to expand the existing preferential trade agreement between India and Mercosur, a Latin American trading bloc.
India has a significant opportunity to increase its exports of organic agricultural products, as the global market is valued at around $135 billion while India s shipments are only over $700 million. Commerce Secretary Sunil Barthwal emphasized the need to improve the quality and standards of these products. He urged the industry to promote the logo of India organic to enhance the credibility of the products in the international market.
Commerce secretary Sunil Barthwal Friday said India and Peru have decided to resume negotiations for a proposed free trade agreement (FTA). "We have decided to proceed with the FTA negotiations. We would be working out the priority areas. Post September, we will start engaging," he said on the sidelines of India-Latin America and the Caribbean (LAC) conclave organised by Confederation of Indian Industry.