India-EFTA FTA has $100bn investment commitment, says Minister
Four Free Trade Agreements (FTAs), signed by Prime Minister Narendra Modi Government till now, has been concluded after undergoing extensive stakeholder consultations, Commerce and Industry Minister Piyush Goyal said on 30 July commerce.
India also took a bold decision to walk out of Regional Comprehensive Economic Partnership (RCEP) as it was never a good decision to be a part of those negotiations, Goyal said during a session at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organised by the Confederation of Indian Industry (CII) in Delhi on 30 July.
Noting the Government’s achievements in the last 10 years, Goyal said that businesses and people recognize the transformation in the Indian economy nse .
The GDP has doubled, Foreign Exchange Reserves has more than doubled and the current account deficit has come down significantly, reflecting how a good government can make a massive difference bse , he said.
Goyal emphasised that the India-EFTA FTA ec.europa.eu has a US$100 billion-investment commitment linked to concessions fieo .
Goyal urged the industries’ cooperation to move faster on FTAs and use the Quality Control Orders (QCOs) to their benefit and also to raise their standards sbi .
“QCOs will help with better market share and ensure that substandard goods don’t flood the market,” the Minister said.
Goyal further urged the industry participants to provide inputs on ways to reduce compliance burdens, processes and procedures and urged them to make use of Rs.1 lakh crore of ‘Anusandhan Fund’ for private-sector driven research and development ibef .
Goyal added that the Government is setting up 12 new industrial parks across the country and has 5-6 mega textile parks lined up and also stated that Indian investors should be forthcoming in supporting startups and MSMEs by utilising benefits provided by the Government iba .
“Let’s be the change and make the difference we want to see in India,” said the Commerce & Industry Minister. Fiinews.com
