Advertisement

Business

Updated on: Saturday, August 28, 2021, 06:43 PM IST

We are fast progressing in FTA discussions with nations like UK, UAE: Piyush Goyal

PTI
Piyush Goyal also said there is a need to create a roadmap for the expansion of this industry./ Representational image |

Piyush Goyal also said there is a need to create a roadmap for the expansion of this industry./ Representational image |

Advertisement

India is fast progressing in discussions on different free-trade agreements (FTAs) with countries, including the UK and the UAE, to further enhance trade and investment ties, Commerce and Industry Minister Piyush Goyal said on Saturday.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

Goyal said India is engaging for such pacts with economies having transparent rule of law and with whom India can have confidence that it will get a fair deal and reciprocal benefits.

"We are fast progressing in our discussions with the UK, with the UAE and other GCC (Gulf Cooperation Council) countries. Canada and Australia are really on a fast track," Goyal said while addressing the JITO Trade Mahakumbh.

The minister also stated that recently, he had discussions with the USA''s Charge''d Affairs in Delhi Atul Keshap, and both agreed to aspire for a $500-billion trade between the countries at the earliest possible time.

The world is looking for a trusted partner and that partner is India's business community, he added.

He added that whether it is FDI (foreign direct investment), forex reserves, foodgrain reserves, agriculture production or manufacturing; all sectors are on a growth path.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Saturday, August 28, 2021, 06:43 PM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement