India exploring reciprocal access to markets via FTAs: Minister Goyal

12 Nov '21

2 min read

Pic: piyushgoyal.in

India is looking at ‘reciprocal and equitable access’ to foreign markets through free trade agreements (FTAs), which the country is negotiating with its trading partners, according to commerce and industry minister Piyush Goyal, who recently said a few old imbalanced FTAs of India have led to an increase in trade deficit with those nations.

"FTA is a win-win for both countries. If it is an unequal balance, FTA can never be successful," Goyal said at Times Now Summit 2021.

India is negotiating free trade agreements (FTAs) now with the United Arab Emirates, the United Kingdom and Australia.

"We are now going through careful stakeholder engagement (to negotiate an FTA) and making sure that our MSMEs [micro, small and medium enterprises], dairy industry, farmers, and domestic production capacities get more opportunities. Our employment-oriented sectors like textiles, footwear, and pharma get good market access," he was quoted as saying by Indian media reports.

In such pacts, the government is also ensuring that services sector professionals too get good opportunities in the foreign markets through two way communication with Indian stakeholders, Goyal noted.

"We are working through balanced, fair and equitable FTAs so that both sides benefit and jobs are created in India, and business opportunities are available for our small, medium and micro-industry," he added.

Fibre2Fashion News Desk (DS)

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