FTA talks with Russia, US, EU on, trade policy not planned around one nation: Piyush Goyal
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.
has not significantly impacted our exports
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
of duty concessions under GSP or Generalized System of Preferences are India’s
key demand in its trade deal negotiations with the US.
US not focused on functioning; we will wait
due to Covid-19, the US was not as much focused 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.
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.
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.