Minister stresses the need to have more free trade pacts
Commerce and Industry Minister Piyush Goyal has told the reconstituted Board of Trade (BOT) to focus on the possibilities each sector of the Indian economy has in Free Trade Agreements (FTAs).
He stressed on the need to enter into more FTAs with developed nations in his opening remarks at the meeting held in New Delhi on 13 Sept 2022.
India is in the midst of negotiating FTAs with almost all global markets in a bid to boost exports.
The BOT meeting focused on export target setting, the new Foreign Trade Policy (FTP) (2022-27), and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.
The Board has been reconstituted by merging Council for Trade Development and Promotion with Board of Trade vide notification No. 11/2015-20 dated 17 July 2019.
The Board of Trade, inter alia, advises the Government on policy measures connected with the Foreign Trade Policy in order to achieve the objectives of boosting India’s trade.
It provides a platform to state governments and UTs for articulating state-oriented perspectives on Trade Policy.
It also acts as a platform to the Indian Government for appraising State Governments and UTs about international developments affecting India’s trade.
It is an important mechanism for deliberations on trade related issues with industry bodies, associations, export promotion councils, and state and UT governments, said the Ministry of Commerce and Industry.
There were 29 new non-official members who were also invited for the first time in this Board of Trade meeting.
During the Board of Trade meeting, presentations were made on a variety of subjects such as India’s Import-Export Performance, restructuring of the Department of Commerce, FTAs and way forward, States export performance, District as Export Hubs, new proposed Foreign Trade Policy, trade remedial, trade facilitation measures undertaken by customs, Government e-Marketplace etc.
Ministers from states made interventions in the meeting, giving their state-specific suggestions, and also expressed their support to the central government initiatives in promoting the external trade. fiinews.com
