Goyal looks for win-win transactions with all countries
Free Trade Agreements (FTAs) are providing huge opportunities for businesses across the developed world and in India, to support each other’s economies, needs, to create jobs in a big measure in India and the counter-party countries, Commerce and Industry Minister Piyush Goyal told the inaugural Session of the Indian Merchants’ Chamber (IMC) conference.
“Therefore, what we are looking for is a fair, equitable win-win transactions with all countries with whom we are expanding our engagements,” he said at the IMC’s ‘India Calling Conference, ‘Unleashing Opportunities – Why Invest in India’ held virtually on 6 May 2022.
Goyal informed that India-Canada Early Progress Trade Agreement, India-EU FTA, India-UK FTA are export-oriented deals being pursued with the developed nations.
Elaborating, he pointed out that the India-UAE FTA will provide a large market to the Indian labour-intensive exports and is expected to increase bilateral trade in goods to US$100 bi llion. It came into effect from May 2022.
The India Australia ECTA aims at boosting bilateral trade to US$100 billion by 2030 from current level of around US$27.5 billion, he said.
“For the first time in a decade, we are making massive progress in trade deals with developed nations.”
The Minister lauded IMC for playing an important role in India’s independence and its growth story for 115 years since its establishment in 1907. He reminisced that IMC, which was established by Merchants who came together to support Swadeshi Movement, had championed the cause of Aatmanirbharta from early days.
The Minister called on the conference to help connect Indian businesses and international investors, manufacturers, service providers who would consider working together, investing and manufacturing in India and serving the world from India. fiinews.com
