“The bilateral trade agreements are currently in the pipeline with at least 10 potential partners ranging from ASEAN, the EU, US and Canada,” Commerce & Industry Minister Kamal Nath said at Pravasi Bharatiya Divas here.

He touched upon negotiations with the US and Canada in a prepared speech, which was circulated to the media.

India has set global engagement target of $550 billion, Mr Kamal Nath said. “Currently, our global economic engagement is $450 billion and we have a target to take it to $550 billion ,” he observed.

Firmly at top

Asserting that as a trading nation, India is firmly established at the top of the table of the World Trade Organisation, irrespective of the outcome of the Doha Development Round, Mr Kamal Nath said, India has been one of the few countries with which US has had sub-cabinet level commercial dialogue. Other such countries and regions include China, EU and North American Free Trade Area (Nafta).

Recent developments indicated strong possibility of an Indo-US trade agreement dialogue. During the recently held India Economic Summit here, a US Congressman had announced his intention to introduce a legislation in the Congress calling for the US to begin talks with India on an FTA.

Mr Kamal Nath had responded saying the possibility needs to be examined. India and the US had a trade turnover of over $34 billion between January and October, 2007. The country is in an advanced stage of negotiating a Bilateral Trade and Investment Agreement, similar to a free trade pact, with the EU.

India and Canada had signed a Foreign Investment & Protection Agreement (FIPA) in June last year to ensure protection to investors in each other’s market. Bilateral trade currently stands at about $5 billion. Mr Kamal Nath said overseas Indians need to engage with the small and medium enterprises to catalyse their economic engagement with India.

“I invite you to form meaningful partnerships with Indian firms looking to set up base overseas by providing technology, logistical marketing and financial support. I also invite you to invest in Indian markets as financial investors,” he said.

Remittances by NRIs between April-December 2007 stood at $25 billion and could go up to $30 billion for the entire fiscal. There are about 25 million Indians living abroad.