NEW DELHI: Commerce and industry minister Piyush Goyal recently said India is engaging to sign free trade agreements (FTA) with the US, EU, Russia and the UK even as it reviews all its old trade pacts to bring symmetry. Goyal said India will “gain significantly” from its limited trade deal with the US.
“Even if we don’t do the deal, our exports have increased to the US…GSP withdrawal has not significantly impacted our exports,” he said, adding that India's exports to US are growing very rapidly in the last 2-3 months and the deal is “almost finalised”.
Restoration of duty concessions under GSP or Generalized System of Preferences are India’s key demand in its trade deal negotiations with the US.
“However, due to Covid-19, the US was not as much focussed on Government functioning. So, we will wait. I have left it to the US. India is ready to sign tomorrow. We have given them a balanced offer,” Goyal said at an event organised by IIFT.
Emphasising that a deal has to be a win-win for both sides, the minister said India will always protect the interest of its agriculture, diary, MSME sectors, domestic local industry, and do a balanced deal.
“And that is why we didn't sign RCEP (Regional Comprehensive Economic Partnership) because it was not balanced in fair way”
“We are working to give a renewed focus to FTAs with the developed world. If other countries want access to the market of 130 crore Indians then they will have to give us equal access to their market. India is not going to be a patient receiver of unfair trade practices.
We will take hard but smart decisions,” he said.
