The Indian government has planned to notify the India Taiwan Free Trade Agreement (FTA) soon. The agreement aims to strengthen the economic ties between the two countries by reducing trade barriers and allowing freer trade between them.
The negotiations on the India Taiwan FTA had started in 2011, but progress has been slow due to various political and diplomatic reasons. However, the recent geopolitical developments in the region, including China`s aggressive stance towards Taiwan, have prompted India to push for closer economic ties with Taiwan.
The India Taiwan FTA is expected to cover a wide range of products and services, including agriculture, pharmaceuticals, electronics, and information technology. The agreement will also include provisions for investment protection, intellectual property rights, and dispute resolution mechanisms.
The India Taiwan FTA will benefit both countries in several ways. For India, it will provide a gateway to the East Asian markets, which are some of the fastest-growing economies in the world. It will also help India reduce its dependence on China for imports and exports, which has become a major concern for India in recent times.
For Taiwan, the India Taiwan FTA will provide access to the large Indian market, which has a population of over 1.3 billion people. It will also help Taiwan diversify its export markets, which are currently dominated by China and the United States.
The India Taiwan FTA will also have geopolitical implications. It will send a clear message to China that India is not willing to be a mere spectator in the ongoing power struggle in the region. It will also provide Taiwan with some leverage against China, which has been trying to isolate Taiwan diplomatically and economically.
In conclusion, the India Taiwan Free Trade Agreement notification is a significant development that will have far-reaching implications for both countries. It is expected to boost trade and investment between India and Taiwan and provide a counterbalance to China`s growing influence in the region. It remains to be seen how China will react to this development, but one thing is certain that the India Taiwan FTA will be a game-changer in the region.