India's automotive exports set to surge as government pursues free trade agreements

The FTAs would enable Indian automotive companies to leverage their strengths.

By Shahkar Abidi calendar 13 Sep 2023 Views icon5352 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
India's automotive exports set to surge as government pursues free trade agreements

In a bid to propel India's automotive industry onto the global stage, the government has embarked on a strategic mission to secure free trade agreements (FTA) with several nations. This move is expected to significantly enhance the exports of automobiles and related components from the country, opening up new avenues for growth and expansion.

During the 63rd annual session of the Automotive Component Manufacturers Association of India (ACMA), Piyush Goyal, Minister for Commerce and Industry, revealed that the government's efforts have already yielded promising results. The United Kingdom, the expansive 27-nation European Union (EU), the United Arab Emirates (UAE), South Africa, Brazil, and numerous other countries have expressed keen interest in establishing FTAs with India, and negotiations are on with them.

The Minister further disclosed that the government has received requests from an additional six nations, demonstrating the widespread appeal and recognition of India's automotive prowess. These developments signal a remarkable opportunity for Indian automotive manufacturers and suppliers to tap into new markets and expand their global footprint.

The potential benefits of these FTAs cannot be understated. By eliminating or reducing trade barriers, Indian exporters can gain a competitive edge in these markets, paving the way for increased sales and market share. Additionally, the agreements would foster a conducive environment for technological collaborations, knowledge-sharing, and investments, further bolstering the industry's overall growth trajectory.

As per industry experts, India's automotive sector, which has gained prominence for its quality and cost-competitiveness in recent years, is poised to capitalise on these FTAs. With a rich ecosystem of manufacturers and suppliers, the country is well-positioned to cater to the diverse needs of international consumers. The FTAs would enable Indian automotive companies to leverage their strengths and showcase their innovative products and solutions on a global scale.

As the automotive industry continues to evolve at a rapid pace, these FTAs come at a crucial juncture. They not only present substantial growth prospects for Indian exporters but also serve as a testament to the country's resilience and adaptability in the face of global challenges, the experts added.

In conclusion, the FTA  agreements will unlock new possibilities for Indian automotive manufacturers, enabling them to tap into a wider customer base and establish themselves as key players in the global automotive landscape.

 

RELATED ARTICLES
Bharat Forge raises Rs 1,650 crore via QIP for debt repayment

auther Autocar Pro News Desk calendar10 Dec 2024

The QIP was priced at Rs 1,320 per share, slightly below the floor price of Rs 1,323.54 set by SEBI.

Isuzu Motors India launches nationwide 'ISUZU I-Care Winter Camp'

auther Autocar Pro News Desk calendar10 Dec 2024

The service camp, scheduled from December 9 to 14, 2024, offers preventive maintenance, a free 37-point vehicle check-up...

HORIBA opens hydrogen internal combustion engine test bed facility in Pune

auther Autocar Pro News Desk calendar10 Dec 2024

HORIBA India, established in 2006, operates across three verticals: energy and environment, bio and healthcare, and mate...