We are fast progressing in FTA discussions with nations like UK, UAE: Goyal

India is fast progressing in discussions on different free-trade agreements (FTAs) with countries, including the UK and the UAE, to further enhance trade and investment ties, Commerce and Industry Minister Piyush Goyal said on Saturday.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

Goyal said India is engaging for such pacts with economies having transparent rule of law and with whom India can have confidence that it will get a fair deal and reciprocal benefits.

"We are fast progressing in our discussions with the UK, with the UAE and other GCC (Gulf Cooperation Council) countries. Canada and Australia are really on a fast track," Goyal said while addressing the JITO Trade Mahakumbh.

The minister also stated that recently, he had discussions with the USA's Charge'd Affairs in Delhi Atul Keshap, and both agreed to aspire for a USD 500-billion trade between the countries at the earliest possible time.

The world is looking for a trusted partner and that partner is India's business community, he added.

He added that whether it is FDI (foreign direct investment), forex reserves, foodgrain reserves, agriculture production or manufacturing; all sectors are on a growth path.