Piyush Goyal: India expects to conclude FTA with European Union by next year: Piyush Goyal

Trade and Industry Minister Piyush Goyal said on Friday that India would be able to conclude a free trade agreement (FTA) with the European Union by next year. Speaking at an event organized by the IMC Chamber of Commerce, Goyal said the country had already made pacts with the United Arab Emirates and Australia and was in negotiations with other countries or blocs, including the United Arab Emirates. EU, UK, Canada and the Gulf Cooperation Council (GCC).

“By next year, we would be able to conclude an FTA with the EU,” Goyal said, adding that an Italian delegation including its foreign minister is currently in New Delhi with whom he will have meetings. deliberations.

Already three rounds of negotiations have taken place with the UK and there is a possibility of a fourth round soon, Goyal said, adding that he will meet with the representatives on May 26-27.

FTAs will boost growth in India and also create more jobs, Goyal said, making it clear that the country seeks fair, equitable and win-win partnerships with other countries or blocs.

Pointing out that the country recorded $38 billion in exports in April, the highest for the month after a busy March when companies wanted to close sales before the end of the fiscal year, Goyal said a closer look An in-depth look at the numbers indicates that India is emerging as a manufacturing hub for high-end products.

This indicates that programs such as the performance-linked incentive program and the infrastructure push are bearing the expected results, Goyal said.

Highlighting TPS collections of over Rs 1.67 lakh crore in March, Goyal said it was very encouraging that economic activity was back beyond the expectations of the analyst community and added that the surge purchasing manager indices also reflects the same revival. .

Goyal said the country could attract foreign direct investment of $82 billion in 2021, its highest level ever, as it has become an island of stability with virtues such as rule of law, democracy and stable policies that attract business.

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