India fast progressing on FTAs with UK, UAE, GCC nations, Australia, EU

August 30, 2021: Union minister of commerce & industry Piyush Goyal said that India is fast progressing on its discussions on free trade agreements (FTAs) with several countries like UK, UAE and GCC countries, Australia and European Union while addressing business and trade fraternity through the platform of Jain International Trade Organisation (JITO) last week.

He said that India and the US have agreed to aspire for a $500 billion trade in the near future. He said the world is looking for a trusted partner and that partner is India's business community.

“It may be noted that recently, India emerged as the world’s 2nd most desirable manufacturing destination overtaking the US. This shows the potential & promise of India to become the manufacturing hub of the world,” he said. He added that along with that, we should also become a trading hub” i.e. the place where the world comes to shop.

Goyal said that traders & exporters are the twin pistons powering the economic growth engine of the nation. The minister said that as policymakers, we firmly believe in the capabilities of the business community as well as start-ups which can make India the top economy globally in the next 25-30 years.

Goyal said that the synergy between the government and the private sector has injected confidence in people. What India can provide the world, no other country can.

The minister also noted that every growth parameter is showing an extremely exciting future for all of us. Whether it is FDI, forex reserves, foodgrain reserves, agriculture production, manufacturing, all sectors are on a growth path.