Are Discussions Taking Place to Enhance Trade Relations with Multiple Countries?
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Synopsis
Union Minister Piyush Goyal reveals active discussions aimed at improving trade relations with multiple countries, including a landmark Free Trade Agreement with the UK. This move promises to unlock billions in economic benefits and create jobs, ensuring a prosperous future for Indian businesses and workers.
Key Takeaways
- Active trade negotiations with multiple countries are underway.
- The India-UK FTA is set to create 1 million jobs.
- 95% of Indian farm products gain duty-free access to the UK.
- The deal supports inclusive growth and gender equity.
- Indian startups will have access to UK investors.
London, July 24 (NationPress) Union Commerce and Trade Minister Piyush Goyal announced on Thursday that active discussions are in progress to enhance trade relations with various nations, following India's signing of a significant Free Trade Agreement (FTA) with the UK, which unlocks billions of dollars in opportunities for both nations.
In an interview with IANS, Goyal stated, "Constructive talks are ongoing with New Zealand, Oman, Chile, Peru, and the European Union.
Additionally, negotiations for a bilateral trade agreement (BTA) with the United States are also progressing well. I am confident that these discussions will yield positive results," emphasized the Commerce Minister.
Goyal highlighted that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to officially commence on October 1, which is expected to create 1 million direct jobs in India.
Meanwhile, the negotiations with the US have advanced, with both teams concluding the fifth round of talks for the proposed BTA in Washington, DC.
The India-UK comprehensive economic and trade agreement (CETA) was described by Goyal as a ‘historic leap’ that will empower workers, farmers, MSMEs, and startups throughout India.
"This agreement will transform the lives of artisans, weavers, and daily-wage earners in sectors like textiles, leather, footwear, gems and jewellery, toys, and marine products," said Goyal.
"From village looms to tech labs, this FTA enhances financial access for women and promotes greater global integration," he added.
Agriculture stands to gain significantly under this agreement, with almost 95 percent of Indian farm products receiving duty-free access to the UK.
Fisherfolk will also benefit from a zero duty on 99 percent of marine exports. Goyal emphasized that the agreement fosters inclusive and gender-equitable growth, contributing to a more resilient economy from the grassroots up.
Additionally, the agreement opens avenues for Indian startups, granting them access to UK investors and innovation hubs, thus expanding their global reach.
Point of View
I believe that these ongoing discussions and agreements signify a robust approach towards enhancing India's economic landscape. The government's commitment to fostering inclusive growth through trade is commendable and essential for the nation's development.
NationPress
26/07/2025
Frequently Asked Questions
What countries are India negotiating trade agreements with?
India is currently negotiating trade agreements with countries including New Zealand, Oman, Chile, Peru, and the European Union.
What is the significance of the India-UK Free Trade Agreement?
The India-UK Free Trade Agreement is significant as it opens billions of dollars worth of opportunities and is expected to create 1 million direct jobs in India.
How will the trade agreements benefit Indian farmers?
The agreements will provide duty-free access for 95% of Indian farm products to the UK, benefiting farmers significantly.
What impact will the agreements have on Indian startups?
The agreements will allow Indian startups to access UK investors and innovation hubs, expanding their global footprint.
How does the agreement support gender equity?
The agreement promotes gender-equitable growth by enhancing financial access for women and empowering them in various sectors.
