Latest news with #PreferentialTradeAgreements
India Gazette
10 hours ago
- Business
- India Gazette
India balances all stakeholder interests in trade deals, says Commerce Minister Goyal
New Delhi [India], June 23 (ANI): Commerce and Industry Minister Piyush Goyal on Monday emphasized that India's approach to Free Trade Agreements (FTAs) with complementary economies carefully balances both offensive and defensive interests of domestic industry, ensuring no sector is left vulnerable. Speaking to media persons at the third anniversary commemoration of Vanijya Bhawan, Goyal defended the government's trade negotiation strategy, asserting that none of India's recent FTAs have faced criticism from key domestic stakeholders including micro, small and medium enterprises (MSMEs), manufacturers, or farmers. 'We have kept the interests of our farmers, MSMEs, industry and the nation at the forefront while negotiating with countries,' Goyal stated, adding that future FTAs will continue to factor in domestic interests of all stakeholders. India currently maintains an extensive trade agreement portfolio with 14 Free Trade Agreements and six Preferential Trade Agreements in force. The government has significantly accelerated its FTA agenda over the past three years, signing several landmark deals that have reshaped India's global trade landscape. The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in May 2022, stands out as a major achievement with 99 percent of Indian exports gaining duty-free access to the UAE market. This was followed by the India-Australia Economic Cooperation and Trade Agreement (ECTA) in December 2022, which has provided substantial boosts to key Indian sectors including textiles, pharmaceuticals, and engineering goods. The most ambitious agreement came in March 2024 with the India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA), which secured a remarkable $100 billion investment commitment from EFTA countries. This deal is projected to create one million jobs across various sectors of the Indian economy. Adding to this momentum, the India-UK Free Trade Agreement, announced on May 6, 2025, is expected to be signed soon, further expanding India's access to developed markets while safeguarding domestic industry interests. The minister's comments came during the commemoration of Vanijya Bhawan's third anniversary, which he described as 'a symbol of modern, efficient, and integrated governance' and a dedicated hub for India's rapidly expanding commerce and industry ecosystem. Goyal highlighted that since Prime Minister Narendra Modi inaugurated Vanijya Bhawan three years ago, the Ministry of Commerce and Industry has achieved several significant milestones and established new benchmarks in how India conducts business globally. The minister's emphasis on balancing offensive and defensive interests reflects India's nuanced approach to international trade negotiations. Offensive interests typically involve securing better market access for Indian exports, while defensive interests focus on protecting domestic industries from unfair competition and ensuring gradual market opening where needed. This strategy appears to have yielded positive results, with stakeholders across the spectrum - from small enterprises to large manufacturers and agricultural communities - supporting the government's recent trade initiatives. The commemorative event at Vanijya Bhawan served both as a celebration of past achievements and a reaffirmation of the ministry's commitment to driving India's trade and industrial growth while maintaining the delicate balance between global integration and domestic protection. As India continues to position itself as a major player in global trade, the government's stakeholder-inclusive approach to FTA negotiations appears to be setting a new template for emerging economies seeking to expand their international economic partnerships. (ANI)
India Gazette
10 hours ago
- Business
- India Gazette
Vanijya Bhawan is a testimony of PM's values of transparency, efficiency and a whole-of-government approach: Piyush Goyal
New Delhi [India], June 24 (ANI): Union Minister of Commerce and Industry Piyush Goyal on Monday commemorated the third anniversary of Vanijya Bhawan, calling it a symbol of modern, efficient, and integrated governance, and a dedicated hub for India's fast-growing commerce and industry ecosystem. An official release from the Ministry of Commerce and Industry stated that this occasion with a commemorative event that served as a tribute to the progress made over the past three years and reaffirmed the Ministry's commitment to driving India's trade and industrial growth. Piyush Goyal also underlined that Commerce and Industry Ministry today engages with world powers, global CEOs, and trade leaders with a bold, confident, and forward-looking approach reflecting the rise of an unstoppable India, stated the release. Piyush Goyal noted that three years since the inauguration of Vanijya Bhawan by Prime Minister Narendra Modi, there are several milestones which have been achieved and new benchmarks set in the way India does business. 'This building reflects a new mindset one that demands honesty, purpose, and a renewed confidence in delivering to the 140 crore citizens of India', said Union Minister Piyush Goyal. The minister also recalled historic significance of June 23, which marks the anniversary of the passing of Dr. Syama Prasad Mookerjee which was India's Industry and Supply Minister and a staunch nationalist who laid the foundations of India's industrial self-reliance, mentioned the release. 'Vanijya Bhawan stands as a tribute to his sacrifice and ideals, as well as to the transformative journey of the last 11 years', said Piyush Goyal. 'Let this building be the symbol of Viksit Bharat 2047', he added. The release mentioned that over the last three decades, India's export performance crossed $800 billion in total exports in FY 2024-25, non-petroleum exports reached a record $374.1 billion, marking a 6% year-on-year increase. The release further mentioned that India has 14 Free Trade Agreements (FTAs) and 6 Preferential Trade Agreements in force. Speaking on that Union Minister Piyush Goyal said, 'During the tenure of PM Narendra Modi, every FTA has been signed after a lot of meetings and discussions with the industry, keeping in mind their offensive as well as defensive interests.' The minister also stated that the government is looking for friendly nations where there is collaboration and collective cooperation instead of competition. He also highlighted that neither any of the Free Trade Agreements so far has been criticised by either farmers, or MSMEs, or domestic manufacturers. 'Our FTAs have hurt no one; they have only benefited', said Piyush Goyal 'All future FTAs will also be in the best interest of the country', he added. (ANI)
