Delhi: Commerce and Industry Minister Piyush Goyal said that India’s negotiations for free trade agreements are going well with various countries. India strives for loyal relations with all member states and certain multilateral agreements. The minister also stated that India has recently implemented a free trade agreement with Australia in May 2022 and UAE on 29 December 2022 to increase bilateral trade and investment. Piyush Goyal was addressing the 27th Wharton India Economic Forum.
India is conducting a free trade agreement with countries including Canada, the European Union and the UK. India’s negotiations with several countries on bilateral trade agreements are on its right path and India is also targeting one or two multilateral trade agreements. The government believes that there will be huge benefits through such agreements. The trading between two or more countries will help to waive or reduce customs duties on products. Also, the norms are being eased to promote trade in services and investments’.
“It is India’s interest to enter into bilateral trade agreements. India may not be able to manufacture all the products. Such products have to be imported. Meanwhile, India is competing well in sectors such as textiles, leather, footwear and pharmaceuticals. This will benefit trade agreements. India has decided to enter into trade agreements with like-minded countries. By 2022, India conducted 74 billion financial transactions digitally. That is more than the combined figure of Europe, the US and China. Piyush Goyal also said that India is working towards achieving a high-quality, high-tech and service-oriented economy.