New Delhi: India will pursue Preferential Trade Agreements (PTAs) rather than full-fledged Free Trade Agreements (FTAs) with developing economies such as South Africa, opting for a calibrated approach that opens up only select product categories rather than deep, across-the-board market access, according to a senior government official.
The official told that South Africa is not a highly developed economy and a full FTA would require a much deeper opening up of the Indian market, a move that may not necessarily serve India's interests. Instead, India has decided to pursue a PTA route, under which both sides will identify specific products of mutual strength and interest: South Africa will get market access in areas where it has strengths, while India will secure access in products of its own interest.
