 "free trade agreements")
In recent months, the Commerce Ministry has stepped up its efforts to negotiate bilateral trade deals with some developed countries. Expectations of huge benefits from these endeavours need not be very high.
Globally, there are over 350 Preferential Trade Agreements (PTAs) or Free Trade Agreements (FTAs) or Regional Trade Agreements (RTAs). Most of them are defunct. The few that have succeeded not only broke down the tariff barriers amongst themselves but also substantially cut their tariffs with countries that are not members of the trade agreements, says Anne Kruger, a noted economist and trade policy specialist. India maintains high tariffs compared
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