Commerce Ministry Eyes Centre for FTA and Business Deal Negotiations

The commerce ministry plans to establish a centre for negotiations, recognising the importance of this skill in areas like free trade agreements and other business deals, a senior government official stated on Tuesday. This initiative aims to enhance negotiation skills among students at the Indian Institute of Foreign Trade (IIFT).

Representative image

Commerce Secretary Sunil Barthwal highlighted the significance of negotiation skills while addressing students and faculty at IIFT. He stated, "Negotiations are going to be a very very important skill these days. When we do FTAs, negotiation skills are a very important tool, so we have to create one centre for negotiations." Barthwal emphasised that the centre would not only focus on free trade agreements but also cover mergers, acquisitions, and other business deals.

Focus on Enhancing Skills

Barthwal mentioned that the proposed centre would benefit both the government and IIFT students by developing essential negotiation skills. He announced this while launching the MBA International Business and MBA Business Analytics 2024-26 Programmes at IIFT. The centre aims to provide a broader framework for negotiations beyond just free trade agreements.

The secretary urged IIFT to collaborate with its sister institutions - the Centre for WTO Studies and the Centre for Trade and Investment Law. He stressed the need for improved rankings, noting that IIFT's position in the NIRF ranking 2023 slipped to 27th under the management category from 24th in 2022.

Improving Rankings and Industry Interaction

Barthwal suggested that increased interaction with industry could help improve IIFT's syllabus and curriculum. He pointed out that sectors like pharmaceuticals, auto, chemicals, textiles, and apparel have significant potential to boost India's exports.

He also noted that international business and business analytics are crucial in today's interconnected world. These fields play vital roles in shaping the global economy by fostering innovation, creating jobs, and driving efficiency through data-driven decision-making.

Commitment to Excellence

IIFT Vice Chancellor Rakesh Mohan Joshi emphasised the importance of hard work and contemporary managerial skills for success in corporate life. He reiterated his commitment to transforming IIFT into a world-class institute specialising in international business and trade through cutting-edge research, training, and education.

The commerce ministry's initiative to set up a centre for negotiations at IIFT aims to equip students with essential skills needed for various business deals. This move is expected to enhance their capabilities in handling complex negotiations effectively.