Kolkata, Jan 21 Commerce and Industry Minister, Piyush Goyal, on Friday said that India no longer signs Free Trade Agreements (FTAs) to be a part of the group or just for the sake for it but is looking at reciprocal access. The country would be looking for equitable and fair play in trade in goods and services.

India has been making progress in discussions on FTA with UAE, UK, Australia, Israel and Canada. Bilateral trade is a two-way traffic which will be beneficial in terms of comparative advantage for both of the countries. There needs to be co-operation of the industry to maintain the bilateral traffic.

“India no longer signs FTA for the sake of it. We are looking at reciprocal access, equitable and fair play in trade in goods and services,” Goyal said at a special e-session organised by the Merchants’ Chamber of Commerce & Industry on Friday.

Goyal called upon industries to “proactively” participate by giving ideas and suggestions on FTA and provide insights on issues relating to market access. He further urged industry to highlight areas to reduce compliance burden and suggest ways of improving ease of doing business.

According to him, India has been growing with the support of triple engine which includes investment (private), exports and start-ups. To boost public private relationship, the central government has come up with transparent auctions to attract investment from private investors.

It is important for Indian industry to become more self reliant in value chain and supply chain.

“The world is watching India and it is ready to engage with India so we should take giant leaps,” he said.

Related Topics