The rules demonstrate why India, despite its booming economy, scores so low in global trade coming in at 20th position
Nations have increasingly got entrenched in their positions over reduction in tariffs and opening of market access
Wellington is focussing on getting a number of new trade deals
So far, 13 rounds of negotiations have been held at the level of chief negotiators
India and Britain are evaluating the possibility of a free trade agreement (FTA) to guide bilateral trade after Britain officially leaves the European Union.Britain has actively sought to redraw economic ties with the world after a referendum last month went in favour of the country leaving the EU. UK business secretary Sajid Javid was in India on Friday to start initial discussions in this regard. "We already have a strong trading relationship with India and we hope to build on that," he told the media on Friday after meeting Commerce and Industry minister Nirmala Sitharaman.Sitharaman said India would soon start preliminary talks with Britain regarding the possibility of a bilateral trade deal that will kick in once Britain formally leaves the EU. This informal process would start moving once chief negotiators from Britain come to Delhi, she added.However, Sitharaman said with Britain moving out of the EU, ongoing negotiations over the proposed India-EU FTA would have to be restarted
Australia, Japan & South Korea want more tariff reduction, market access; India remains cautious over agriculture interests