Two more countries wants to start FTA talks with India: Piyush Goyal

Two more countries and a group have shown interest in negotiating free trade agreements with India, Commerce and Industry Minister Piyush Goyal said

Two more countries and a group have shown interest in negotiating free trade agreements (FTA) with India, Commerce and Industry Minister Piyush Goyal said on Thursday.

However, the minister did not disclose the names of these countries.

"We are negotiating FTAs with the UK, the EU, the UAE and Australia and in the last three days, two more countries and a group have shown interest that they want to start talks for FTA," he told reporters here.

Under a free trade agreement, 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.

Talking about PM Gati Shakti national master plan for multi-modal connectivity, Goyal said it aims to develop infrastructure in an integrated manner to reduce logistic costs and boost the economy.

It will help in attracting investments and creation of jobs, he said, adding it would also help in development of infrastructure at a fast pace and save thousands of crores and cost overruns.

"There are several advantages of Gati Shakti...Intelligent planning will help in completing infrastructure projects on time," he added.

He said that the BJP-ruled states have shown keen interest in joining this initiative.

When asked when it will be opened for the private sector and public, Goyal said that "we will hold discussions with departments".

He also said that there is a project monitoring group in the department for promotion of industry and internal trade (DPIIT) which will regularly monitor the projects and report to an empowered group of secretaries, headed by the cabinet secretary.

Further he said that the government is taking steps to promote ease of doing business.

The World Bank may not come with its business report, but the ministry will continue with its state's ranking report.

The World Bank Group has decided to discontinue publication of its Doing Business report on country investment climates following allegations of irregularities.

When asked about the impact of border issues with China on trade relations between the two countries, Goyal said he has not seen any statement from either side on any impact on trade.