Many Nations Across Globe Keen On Fast-tracking FTAs With India Now: Goyal

Many countries across the globe are keen on fast-tracking the free trade agreements (FTAs) with India now, said Piyush Goyal on Wednesday.

While addressing CII annual session, he said that India is now not just talking but negotiating with Canada, European Free Trade Association (EFTA), the United Kingdom (UK) and the European Union (EU) over FTAs.

He added that this shows the increased importance of India in the global order. He said that this is a new India which engages with the world from a position of strength believing in its capabilities and calibre.

Goyal also said that the target of achieving USD one trillion in export of goods and USD one trillion of services is a modest target now. 

He said that the overall exports had been at US$ 500 Billion for almost a decade and reached US$ 676 Billion last year despite the difficulties being faced across the world. 

The minister said that the overall exports of USD 776 Billion in FY 2022-23 with USD 450 Billion in merchandise exports and USD 326 Billion in services exports is a laudable achievement for the country.

Goyal said that the increased export basket will help India increase surpluses and reduce deficits.

He said that now is the opportunity for businesses and industry to establish leadership in global trade. 

The minister said that businesses should look for reliable partners in the supply chain, focus on comparative advantage, acquire technology and work in the spirit of collaboration