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.
'2011 has to be avenged', Shoaib Akhtar made a big prediction about the India-Pakistan match in the 2023 World Cup
The ODI World will be hosted by India this year in October. All the teams have started their preparations for this mega event. Many teams are performing well and in such a situation it is difficult to
Budaun Case: There was an attempt to communalize the double murder in Budaun, and police foiled the plan.
(Budaun Double Murder Case) A few people were trying to give a communal form to the murder of two innocent children. There were some mischievous elements behind the suddenly deteriorating atmosphere.
Delhi Weather: Mercury dropped to 4.9 degrees in Delhi, Friday morning was the coldest of the season; Winter will wreak havoc after 18
Cold has been wreaking havoc in Delhi for the last few days. The same harshness of winter continues on Friday and today's morning has been recorded as the coldest morning of this season.
SIR in UP: The date for the SIR process has been extended in UP. BLOs have the 2003 voter list.
To ensure transparency and ease of district election operations, District Magistrate Santosh Kumar Sharma is continuously in direct contact with voters. The District Magistrate informed that the
Russia-Ukraine War: Ukraine did a drone attack on Russia, blacking out in Bryansk region
The Russia-Ukraine war is about to complete a year, but the war between the two countries is still going on. Meanwhile, Russia has been harmed in the Ukrainian drone attack. According to the news
Maha Kumbh 2025: Rejuvenation of ancient temples; Why is Prayagraj called the king of pilgrimages? You will learn about this by visiting them.
Preparations for the Maha Kumbh are in full swing in the holy city of Prayagraj. Not only in the fair area, you will see the atmosphere of Maha Kumbh at every corner of the town. Every department is
South Korea Plane Crash: 'Story of two lucky people', what did the survivors of South Korea Plane Crash say? 179 people died in the accident
A major plane crash occurred in Muan City South Korea on Sunday morning. 179 people died in the accident and 2 people survived. The accident happened due to Jeju Air's plane slipping on the runway,
NH-44 will open today: Work to remove concrete barricades with bulldozers continues, farmers' protest ends at Shambhu border
The Punjab government on Wednesday night removed the 13-month-long farmers' protest at Shambhu and Khanauri border with the help of police. The police demolished the platforms built on Khanauri and
Shraddha Kapoor: Fans upset with Shraddha Kapoor's cryptic post, asked if the account was hacked?
Bollywood actress Shraddha Kapoor is very active on social media. She keeps sharing things related to her life with her fans through her social media. That is why fans are waiting for Shraddha's post.
Amitabh Bachchan: Posters galore outside Jalsa, crowds of people gathered, fans made Big B's birthday memorable
Hindi film industry's megastar Amitabh Bachchan has turned 82 today. Even at this age, he is active in the film world. The actor outshines the new generation of youth in terms of fitness. Recently, he
