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.
Salman Khan Sikandar: Censor scissors used on Salman's 'Sikandar', got U/A certificate, know the details of run time
Everyone is eagerly waiting for the release of Salman Khan and Rashmika Mandanna starrer film Sikandar. Some words have been asked to be removed from this film, along with this the run time of the
Delhi Assembly Session: The Assembly session begins today, CM Atishi will present the action plan; the Opposition is fully prepared
The two-day session of the Assembly will begin on Thursday. The newly appointed Chief Minister Atishi can present the government's action plan in the House. Some announcements can also be made. At the
IND vs AUS Highlights: Due to these 5 players, India was able to win the stuck match, otherwise it would have been lost.
The Indian team made a winning start to its campaign in the World Cup 2023. The Rohit Sharma-led Indian team defeated Australia by 6 wickets with 52 balls to spare in the fifth match of the tournament
Delhi Stampede: Vigilance increased after the stampede, security forces deployed in the entire station premises; Crowd of passengers thronging
A day after the stampede at New Delhi railway station that claimed 18 lives, tight security has been put in place at the New Delhi railway station. Companies of security forces have been deployed
Landslide devastation in Wayanad: PM Modi himself is monitoring the rescue operations, Rahul-Nadda asked workers to help
A terrible landslide following heavy rains has wreaked havoc in Wayanad district of Kerala. Landslides occurred in different hilly areas near Meppadi on Tuesday morning. Hundreds of houses, vehicles,
Navkar Mahamantra: PM Modi chanted Navkar Mahamantra; said- India will touch new heights, but will not be cut off from its roots
Prime Minister Narendra Modi attended the 'Navkar Mahamantra Diwas' program at Vigyan Bhavan in New Delhi. PM Modi chanted the 'Navkar Mahamantra' along with others at the 'Navkar Mahamantra Diwas'
IND vs AUS: Siraj gave such a wound to Usman Khawaja, which the Australian batsman will never forget
The World Test Championship final is being played between India and Australia (IND vs AUS). Australia's opener batsman Usman Khawaja got a unique record in the first innings. Khawaja returned to the
SCO-NSA Meet: SCO-NSA security advisors meeting begins in Delhi, Doval welcomes top officials
India's National Security Advisor, Ajit Doval received top officials at the Shanghai Cooperation Organization (SCO) level NSA meeting in Delhi on Wednesday. India is the current chair of the
Apart from Sambhal, another old temple was found in this city, DM was shot here… as soon as the news was received, there was panic in the administration!
On Monday, the police and administration swung into action after getting information about a closed temple in the densely populated Muslim-dominated Madanpura. ACP Prabha Pathak reached there with the
One country-one election bill will be presented in Lok Sabha today, BJP issued a whip to MPs
The Constitution (129th Amendment) Bill for 'One Nation One Election' is going to be introduced in Parliament on Tuesday to conduct simultaneous elections of Lok Sabha and state assemblies. Later it
