Modi govt always keeps in mind long-term benefits of FTAs for India: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said that the Modi government always keeps in mind commensurate and long-term benefits for the domestic industry while negotiating free trade agreements.

He stressed that "gone" are the days when India used to accept the terms of the world.

"We crystal gaze into the future to make sure that its (FTAs) impact in the future will also be positive and we also look at balanced, fair and equitable FTAs," he told PTI in an interview.

"So we can see the big Indian opportunity that we are offering and we want to make sure that we get commensurate benefits (from these pacts) for the country," he said.

He indicated "some good news" on this front in the days to come.

The remarks assume significance as India and the European Free Trade Association (EFTA) bloc concluded the talks for an FTA.

EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

The minister said that the free trade pacts of the Modi government involve a huge amount of stakeholder consultations with industry.

Besides, every line ministry also gets involved in making sure that the government protects the country's long-term interests, he said.

"Today we give out the terms, based on the big Indian opportunity that we bring to the table. I am very confident that we hear some good news in the days to come. Our officers are relentlessly pursuing several engagements. Let us see who pips the others," he said.

Under free trade pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments.

FTA talks for the UK and Oman are also at an advanced stage.