India to Enter FTAs on its Own Terms : Goyal

Speed Post News Network

New Delhi  : Union Commerce & Industry and Railways Minister Piyush Goyal on October 30, 2019, said that India will not enter into any free trade agreements (FTAs) or economic partnerships in a rush as any free trade agreement has to be a two- way benefit arrangement and a win-win for all sides. He was speaking at a State Consultation Workshop for Make in India in New Delhi.

Ministers of State for Commerce and Industry Hardeep Singh Puri and Som Parkash, and Commerce and Industry Ministers from 27 States and Secretary DPIIT were present at the workshop.

Goyal further informed that India is in talks with the European Union (EU) and United Kingdom for FTAs and dialogue will begin in a few months. He assured representatives of the States to assuage the industries and manufacturers of their region that India will enter in FTAs on its own terms and will take all measures to protect the interests of the country, the industries and ensure job creation, according to a PIB release.

India is not in a weak leadership to meet deadlines of regional FTAs, said Goyal, He stressed that in today’s world India cannot adopt an isolationist position and remain cut-off from the rest of the world but India will engage with the world after taking all necessary and adequate safeguards for its domestic industry both manufacturing and services.

During his address, the  Commerce and Industry Minister informed that Invest India is setting us a dedicated desk for the states of the North East Region that will look into investment targeting, promotion of investments for the North East States, facilitation of investments and development of websites for the States of the North East Region of India. He also informed that free legal help is being provided to the MSME industries by Directorate General of Trade Remedies in the Ministry of Commerce and Industry and urged the MSME industries to avail of this facility.

In order to help attract investments, Goyal said that regulatory stability is very essential so that investments are safe and secure. He also urged States to look at their labour laws in order to create a conducive environment for investments in manufacturing. H