Free trade pacts will benefit bilateral trade, create jobs and bring economic benefits: Piyush Goyal
Goyal consulted industry as part of India’s FTA negotiations with UK, EU and Canada
Commerce & Industry Minister Piyush Goyal held a stakeholder consultation on India’s ongoing negotiations on Free Trade Agreements (FTAs) with Canada, the United Kingdom and the European Union with various sectors of the industry in Mumbai on Saturday.
The agreements that are being negotiated will elevate the overall economic and commercial relations with respective partner countries, Goyal pointed out. This will not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities, he added, according to the Ministry of Commerce & Industry.
Commerce & Industry Minister Goyal stressed on the potential benefits - both direct and complementary spill-over economic benefits - including increased investment, job creation and employment opportunities, the ministry said.
While appreciating the accommodative spirit of the Industry, the Minister urged the industry representatives to continue to support the trade negotiations in the same spirit in the wider interests of the nation, contributing to the holistic development of multi-sectoral economic value chains in the country.
The Minister had separate meetings with representatives of automobiles, gem and jewellery, textiles, steel, copper and aluminium sectors. The hybrid interaction had industry leaders and associations attending both in person and online.
According to the Ministry of Commerce & Industry, the representatives thanked the Minister for entering into FTAs with UAE, Australia and other nations, that too at such a fast pace fulfilling a long-lasting dream for many of them.
All the stakeholders expressed gratitude to the Minister for taking into consideration concerns of Indian Industry and provided constructive inputs on this matter with a view to ensure overall balance between market access and domestic sensitivities, the ministry said.