00:00More inclusive to take along the entire country, encourage new entrepreneurs to look at the
00:07global markets and tremendous opportunities have been opened up.
00:12These nine FTAs spanning about 60 trillion dollar of GDP will give us preferential access
00:20to nearly two-third of global trade and the other FTAs which we will conclude in the next
00:26few months and couple of years, Canada, Mexico, Chile, Mercusur, the Brazil-led group of countries,
00:38SACU, South Africa-led group of countries, GCC, the six nations in the Middle East, the
00:46Israel FTA, all of these combined with our effort to either review ASEAN, Korea and
00:56Japan or take other steps so that we can get a greater market access there will actually
01:04give us a 75% of global trade access at a rate lower than our competitors.
01:14A PTA or a FTA or a BTA, bilateral trade agreement, all of these are about getting a rate better
01:23than our competition.
01:25The absolute number is immaterial and it should be relevant in relation to our competition.
01:34It doesn't matter what rate US and EU trade at, there are two economies which have a different
01:40trading pattern.
01:42There are costs of operation, cost of labor, everything is entirely different but we have
01:51to see the rate that Vietnam pays in another country, what Bangladesh goods are charged in
01:58another country.
01:59Our competition.
02:01We at times got FTAs done with many geographies, developed countries and they were paying zero
02:07or lower duties on their exports to the developed world whereas we were paying high duties.
02:14And our observation is that the rate of duty structure in the developed world is such that
02:20high-tech items have been kept at low duty or no duty and labor-oriented goods have been kept
02:28at a higher duty as a leverage to negotiate by the developed world.
02:35Is that right?
02:38Considering that we were not able to stand in competition to Bangladesh and Vietnam.
02:42China.
02:43Now that story is changed.
02:46Our rates will be better and if it's zero of course it will be the same than these geographies
02:55in almost all the developed world.
02:58We have no more excuses left except performance and performance will come with scale in many
03:06cases.
03:07Performance will be dependent on quality.
03:10In all cases, performance will be dependent on diligence and keeping the trust, keeping
03:20the faith of our customers.
03:24Our performance should be timely.
03:26Our delivery should be as committed in quality in terms of schedules, packaging.
03:39In every respect, the ball is now entirely in our court.
