New elements related to sustainability, inclusivity and security are now playing an important role in global trade discussions and they would dictate the future talks, a senior official said on Tuesday.

       Additional Secretary in the Department of Commerce L Satya Srinivas also emphasised on the importance of adopting a holistic perspective on the commercial significance of free trade agreements (FTAs) for the country.

       "On the plate of trade, there are vast new dimensions getting added...How do we deal with those new dimensions...These new regulations and new focus areas of present will dictate our trajectory towards the future," he said at CII's Partnership Summit here.

       Earlier in trade discussions, the main issues which used to figure included reduction or removal of customs duties and non-tariff barriers.

       In addition to these, now "new dimensions are coming into the trade play which is sustainability and security induced," he said, adding these issues like environment and labour are also bringing in regulatory as well as economic uncertainties.

       Srinivas added that as the country is targeting to export USD 2 trillion worth of goods and services by 2030, FTAs are going to play an important role in that.

       More From This Section

       Rupee recovers losses after hitting new intraday low of 84.76 per dollar

       Corporation and personal income tax collections decline in October

       35% GST slab in the works? A look at GST bands and how they are decided

       Premium

       Beyond the missed deadlines, India-UK FTA talks at a tricky turning point

       Premium

       Natural farming in mission mode, but is it a workable alternative?

       "(In FTAs), we need to look at goods, investments and services all together," he said stating that besides these, the new elements have also become important in terms of future.

       India has so far implemented over a dozen trade agreements with countries including Singapore, Korea and Japan and is now negotiating trade pacts with the European Union, UK, Oman, and Peru.

       In the FTAs with UAE, Australia and EFTA (European Free Trade Association) bloc, new elements are there.

       New rules such as EU's carbon tax and deforestation regulations are also impacting trade.

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

       Also Read

       Most airlines not switching quickly enough to sustainable jet fuel: Study

       Goyal calls for sustainable consumption pattern to cut carbon footprint

       Premium

       Ola Electric's Bhavish Aggarwal declares a price war in e-scooters

       Premium

       Building cities of the future: Livability, sustainability, and governance

       Sustainability summit: Six water sanitation startups win Rs 25 lakh each