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India expects to seal FTA with EU by 2023: Commerce minister Goyal

09 May '22
2 min read
Pic: piyushgoyal.in
Pic: piyushgoyal.in

India can conclude a free trade agreement (FTA) with the European Union (EU) by next year, according to commerce and industry minister Piyush Goyal, who last week told an event organised by the IMC Chamber of Commerce that India is also negotiating with countries or blocs like United Kingdom, Canada and the Gulf Cooperation Council (GCC) for such agreements.

Three rounds of negotiations have been held with the United Kingdom and there is a possibility of a fourth-round soon, Goyal said, adding that he will be meeting UK representatives on May 26-27.

The FTAs will push growth in India and create more jobs as well, the minister said, making it clear that the country is looking for fair, equitable and win-win partnerships with other countries or blocs, a news agency reported.

Pointing out that the country recorded $38 billion in exports in April, the highest for the month after March, when businesses are keen to seal sales before the financial year ends, Goyal said that a closer look at the numbers indicates that India is emerging as a manufacturing hub for high-class products.

This indicates that programmes like the performance-linked incentive scheme and the infrastructure push are bearing the expected results, he was quoted as saying by a news agency.

ALCHEMPro News Desk (DS)

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