Commerce and Industry Minister Piyush Goyal said on Saturday that talks for signing bilateral Free Trade Agreements (FTAs) with several countries are progressing in the right direction. India is also eyeing some 'fair and just' multilateral agreements.
India has taken steps towards increasing bilateral trade and investment with these countries by implementing FTAs with the United Arab Emirates (UAE) and Australia in the year 2022. Apart from this, FTAs are also being negotiated with Britain, Canada, and the European Union. Addressing the '27th Wharton India Economic Forum' online, Goyal said that talks are on to conclude bilateral free trade agreements with many countries. "Apart from this, India is also eyeing one or two multilateral trade agreements. We are hopeful that we can benefit from these," he said.
Under a free trade agreement, both sides give access to most of each other's products and services duty-free or at minimal duty. This promotes trade and investment between them.
Goyal said it is in India's interest to be part of bilateral free trade agreements. "It is necessary that the agreements are balanced and they are in the interest of both the countries. They take care of the sensitive aspects of both the countries and also help in giving protection to certain areas," he said.
He said that India cannot make every product efficiently and in such a situation it becomes important to import those products. At the same time, there are some products like textiles, leather, footwear, and medicine in which India is competitive and trade agreements can prove effective in their exports.
Referring to India not being a part of the Regional Trade Economic Partnership (R-SEP) agreement, he said that it is not a fair agreement and is completely unbalanced. He said that the trading system of a country involved in R-SEP is "quite hazy". Along with this, he said that it is important for India to focus on quality products and services in the coming times.
Aryan Khan: Bobby Deol did this act with Aryan at the screening of 'The Bads of Bollywood', fans liked the style.
Shah Rukh Khan's son, Aryan Khan, has entered the world of showbiz with "The Baddies of Bollywood." "The Baddies of Bollywood" marks Aryan's first directorial venture, which premieres today. A special
Jaswinder Bhalla: Gippy Grewal is shocked by the death of Jaswinder Bhalla, saying- 'He was like a father to me'
Jaswinder Bhalla, a well-known actor and comedian of the Punjabi industry, passed away today on 22 August. The actor said goodbye to this world at the age of 65. This incident has caused a wave of
India-Pakistan Conflict: Claim of independence of Balochistan, demand to open embassy in Delhi amid India's strong action
Amid growing tensions between India and Pakistan, Balochistan's independence has been declared. Baloch writer Mir Yar Baloch made this announcement by posting a long post on the social media platform
Mhow Violence: 4 cases of assault, arson and vandalism registered; Police in action mode after uproar in Mhow, 13 arrested
Team India's spectacular victory in the final of the ICC Champions Trophy was celebrated across the country. During this, fireworks took place at many places and the victory was celebrated. Meanwhile,
Salaar: The teaser of 'Salaar' created a ruckus on the internet, breaking the records of 'Adipurush' and 'KGF 2' and becoming number one
Bahubali star Prabhas' film 'Adipurush' may not have been successful at the box office, yet the craze of Prabhas has not diminished among the audience. This can be gauged from the teaser of his film
NEP made not one or two but 3 world records in T20I cricket, this feat happened for the first time in instant cricket.
Nepal cricket team set records in Asian Games 2023: On the fourth day of the Hangzhou Asian Games 2023, the Nepal cricket team is playing against Mongolia. In this match, Mongolia won the toss and put
High alert issued in states bordering Nepal, soldiers searching people at the border
The situation in Nepal is going from bad to worse. Meanwhile, the Nepal Army has imposed curfew, but the uproar is not stopping. Nepal's violence is also posing a threat to India's borders.
IND vs ENG: 'It did not seem that Shubman Gill would be out', Ravindra Jadeja called the Indian captain unlucky; know why?
With the help of Shubman Gill's record double century (269), the Indian team scored a huge score of 587 runs in the first innings of the Edgbaston Test. Ravindra Jadeja also played a brilliant innings
Weather Woes: North India is boiling with intense heat, temperature in Delhi is near 50 degrees; above 50 in Churu
North India is boiling with the fire raining from the sky. The mercury in Churu, Rajasthan has crossed 50 degrees Celsius. Temperatures in other cities have also been recorded around 48-49 degrees. In
Gaza Ceasefire: Release of hostages and withdrawal of army from Gaza; How will the Israel-Hamas ceasefire agreement be implemented?
For the last 15 months, Israel and Hamas agreed to stop the conflict going on in the Gaza Strip. After the mediation of the US and Qatar, Israel and Hamas agreed on a ceasefire agreement and the
