The Indian government is developing a data analytics platform powered by artificial intelligence (AI) to gain deeper insights into trade data, Commerce Secretary Sunil Barthwal announced on Wednesday. The platform will help assess the consistency of India’s trade growth and the resilience of its exports by offering improved analytics.
“We are working in that direction… There will be a launch of a platform, which will give us better data analytics,” Barthwal told reporters.
To ensure the publication of consistent and accurate trade data, a committee comprising officials from the commerce and finance ministries has been formed. This step follows errors in gold import calculations, highlighting the need for a more robust data mechanism. The new platform is expected to improve trade monitoring and policy decision-making.
Progress in Free Trade Agreements
India and the United Kingdom are working to finalize dates for resuming negotiations on the proposed free trade agreement (FTA) in early February. Talks began in January 2022, and both sides are looking to conclude the deal, which is expected to boost bilateral trade and investment. The proposed FTA aims to address trade barriers, promote market access, and enhance cooperation in various sectors.
Similarly, India and the Association of Southeast Asian Nations (ASEAN) are set to review their existing FTA. The next round of negotiations will take place from February 10 in Indonesia. According to Additional Secretary Rajesh Agrawal, the talks are progressing, but challenges remain, particularly in the trade of goods. The review is expected to address concerns related to tariffs, trade imbalances, and other regulatory issues.
Meanwhile, India is also advancing negotiations for an FTA with the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The commerce department is currently working on finalizing the terms of reference for the agreement. A trade deal with the EAEU could provide India with greater market access to these economies, further diversifying its trade partnerships.
Strengthening India’s Trade Strategy
India’s focus on trade agreements and data analytics reflects a broader strategy to enhance its global trade footprint. The AI-powered platform is expected to play a crucial role in providing accurate trade insights, while ongoing FTA discussions indicate India’s commitment to expanding economic partnerships.
With the UK FTA talks progressing, ASEAN trade discussions under review, and negotiations with the EAEU moving forward, India is positioning itself to strengthen its trade relationships. These developments align with the country’s long-term vision of increasing exports, improving trade balance, and ensuring a resilient global trade strategy.
