21 “Us-Mexico-Canada Trade Agreement: Probable Impact on the U.S. Economy and Certain Industry Sectors,” USITC, April 2019, www.usitc.gov/publications/332/pub4889.pdf On February 24, 2020, Donald Trump made a two-day presidential visit to India, where he was to sign a bilateral free trade agreement with Narendra Modi. In a statement at the meeting, it was said that the two heads of state and government had agreed to conclude a phase 1 trade agreement quickly, if possible before the end of the year1. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. 3 Banikinkar Pattanayak, “Indo-American trade: FTA talks may start after US elections,” Financial Express, March 16, 2020, www.financialexpress.com/economy/indo-american-trade-fta-talks-may-start-after-us-elections/1898686/ “India should not waste time now. It must act quickly before other countries seal the agreements,” S.K. Saraf, president of the Federation of Indian Export Organizations (FIEO), told Indianarrative.com. We need to restart discussions on the deadlock in free trade agreements and other trade pacts in order to take account of the changing geopolitical order. The current anti-Chinese sentiment in Europe could help India at this point, and we must not waste our chance. Similarly, the U.S.-China trade agreement provides for faster food security controls for imports to China and faster authorizations for GMOs in China47. China authorized the importation of genetically modified papaya and soybeans from the United States in December 2019 and authorized five genetically modified plants as feed the following month.48 Trade agreements, including the Association of South Asian Nations (Asean), do not work in India`s favor, but experts felt that New Delhi should remain in common with other countries, not only to promote trade, but also for the international community.
Foreign Minister Harsh Shringla`s seven-day trip to Europe a few weeks ago is seen as an important development in this direction. On Thursday, the first autonomous summit between Prime Minister Narendra Modi and his counterpart Xavier Bettel was held via videoconference, the first highlighting the need to expand trade and economic cooperation between India and the EU.