Commerce and Industry Minister Piyush Goyal on Wednesday, emphasised India’s commitment to fair and open negotiations in trade and investment agreements, ensuring the interests of the people are safeguarded.
Speaking at the CII India-Europe conclave, Goyal mentioned that countries engaging in Free Trade Agreements (FTAs) and investment pacts with India should recognise the substantial market New Delhi offers in terms of demand and business opportunities.
Goyal asserted that India approaches FTAs, Bilateral Investment Treaties (BITs) and agreements on geographical indications with fairness and an open mind, taking into account the varying levels of economic development among nations. He highlighted the need for agreements to be fair, equitable and balanced.
India’s unique strengths, including a fast-growing economy, a youthful population, and increasing demand for goods and services, present significant opportunities for global businesses, Goyal added.
His comments gain significance amid ongoing negotiations between India and countries such as the UK, Oman, and the European Union.
The UK’s Minister Lord Ahmad of Wimbledon, also present at the conclave, emphasized the growing bilateral trade between India and the UK.
He mentioned that the two nations are actively working on an ambitious free trade agreement and bilateral investment treaty, showcasing their commitment to global trade and prosperity.
Meanwhile, Tobias Lindner, Minister of State at the Federal Foreign Office, Germany, expressed the potential of the India-EU free trade agreement to enhance trade and foster economic integration.
Lindner highlighted the benefits for private sector investments in Indian manufacturing and services sectors, providing Indian businesses access to the world’s largest single market.
In the context of the ongoing negotiations, a high-level Indian official delegation is in London to address remaining issues in the proposed India-UK free trade agreement.
The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in the previous fiscal year. The seventh round of India-European Union talks is currently underway, aiming to revive trade and investment agreements after an eight-year gap.
