Goyal discusses FTAs with industry, exporters ahead of key trade talks

Piyush Goyal meets export councils and industry groups to review trade pacts, gather views on new FTAs and SEZ reforms as India negotiates key global agreements

Commerce and Industry Minister Piyush Goyal on Monday discussed opportunities created by the recently concluded free trade agreements (FTAs), along with industries’ and exporters’ views and expectations from the proposed and ongoing trade negotiations, an official statement said.

 

There were also discussions around FTAs concluded in the past and the challenges in utilisation of such pacts. The minister was chairing a meeting with export promotion councils (EPCs) and industry associations. Representatives from various sectors such as textiles, apparel, engineering, gems and jewellery, medical devices, and the services sector were also present.

 

The meeting assumes significance as a trade delegation from New Delhi, led by the chief negotiator and commerce department Special Secretary Rajesh Agrawal, is currently in Washington DC to negotiate an early tranche of the India–United States (US) bilateral trade agreement (BTA). 

 

In addition, India and the European Union (EU) are negotiating a trade deal, with the aim of finalising it by December. Negotiations are also ongoing with New Zealand, Oman, Peru and Chile. Separately, India and the United Kingdom (UK) have started the process of legal scrubbing of the recently concluded trade deal.

 

“The session also featured presentations from the Department of Commerce on the performance of SEZs and the recent reforms undertaken, as well as further reforms proposed. The objective of the proposed reforms was to simplify procedures, increase economies of scale, and utilise idle capacities at SEZs to realise the country’s objective of achieving a US$5 trillion economy by 2027,” the statement said.