India is revising FTAs with South Korea, Malaysia and various other ASEAN countries to benefit the domestic industries, Union Minister of State for Ministry of Commerce and Industry Jitin Prasada said on Monday. At the 64th annual session of ACMA (Automotive Component Manufacturers Association) here, he noted that the free trade agreements (FTAs) with the UK and the European Union are being spearheaded by Prime Minister Narendra Modi.
“It will play a great role for the auto components industry,” the minister said.
He further said: “We are also revising and reworking our FTAs with Korea, with Malaysia, with ASEAN countries, which will be fine-tuned to the demands of our industry.”
Prasada also urged the auto components industry to increase investment in R&D activities.
“We are not investing enough in R&D, I believe this is 1 per cent of the revenue that is being invested so this is very crucial,” he noted.
He also emphasised the importance of boosting exports, reducing import dependence and ensuring growth.