Indian Economy News

'India to seal FTA with European Union by..': Piyush Goyal on India emerging as a business hub

According to news agency PTI, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal, stated on May 6 that India will be able to finalise a free trade agreement (FTA) with the European Union by next year.

Mr. Goyal stated at an event hosted by the IMC Chamber of Commerce that the government has already signed agreements with the UAE and Australia, and is in talks with other countries and blocs such as the EU, UK, Canada, and the Gulf Cooperation Council (GCC).

There have been three rounds of negotiations with the UK so far, with a fourth round possible soon, Mr. Goyal said, adding that he will meet with the representatives on May 26-27.

India-EU free trade agreement:

• FTAs will help India grow and create more jobs, as India seeks fair, equitable, and win-win agreements with other nations or blocs.
• Mr. Goyal said that a closer look at the numbers shows that India is emerging as a manufacturing hub for high-class products, pointing out that the country recorded US$ 38 billion in exports in April, the highest ever for a single month.
• According to Mr. Goyal, the country attracted US$ 82 billion in foreign direct investment in 2021, the highest ever, because it has developed as a stable environment with values such as rule of law, democracy, and stable policies that attract businesses.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.