The ongoing COVID-19 pandemic has devastating health and economic consequences, with unprecedented disruption to people's lives, the global economy and world trade. The impact of the pandemic was opposite to the norms that drive Free Trade Agreement. On the one hand, FTA works on the principles of open and integrated economies and the other hand, the pandemic has influenced nations to close their boundaries strictly.
Despite this, with the changing global landscape as a ramification of the ongoing pandemic, FTA remains a vital tool to facilitate and revamp global trade. This presents an opportunity for India to make the Indian economy export-oriented through the active bilateral and multilateral FTAs and RTAs.
Source : economictimes.indiatimes.com
