HomeBusinessFocus on free trade agreements with developed countries: Piyush Goyal

Focus on free trade agreements with developed countries: Piyush Goyal

India signed a trade deal with the United Arab Emirates earlier this year and started talks for a similar deal with several other countries such as Canada.

India signed a trade deal with the United Arab Emirates earlier this year and started talks for a similar deal with several other countries such as Canada.

Addressing the reconstituted trade board here on Tuesday, Commerce and Industry Minister Piyush Goyal argued for the need to sign more free trade agreements (FTAs) with developed economies. In this regard, he urged the participants of the Board of Trade (BOT) to focus on the possibilities that each sector had to offer in the FTA.

Prominent businessmen from across the country interacted with Mr. Goyal in the meeting of the Board of Trade, who assured him of their support and also reviewed the presentations of the states. The meeting focused on export targeting, the new foreign trade policy (2022-’27), and strategies and measures to push domestic manufacturing and exports forward.

The BOT has been formed by merging the Trade Development and Promotion Council with the Board of Trade vide notification dated 17th July, 2019. It gives an opportunity to the State Governments and Union Territories to express their concerns regarding the trade policy.

India signed a trade deal with the United Arab Emirates earlier this year and started talks for a similar deal with several other countries such as Canada. India also signed an interim trade agreement – Economic Cooperation and Trade Agreement – with Australia in April, which is awaiting legislative ratification from Canberra. The agreement was negotiated by the government of Prime Minister Scott Morrison, who was defeated by the current Prime Minister of Australia, Anthony Albanese.

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