Latest news with #VanijyaBhawan
Times of Oman
3 days ago
- Business
- Times of Oman
4th meeting of India-Singapore Joint Working Group discussed bilateral trade, investment ties
New Delhi: The 4th meeting of the India-Singapore joint working group on Trade & Investment (JWGTI) took place at Vanijya Bhawan in New Delhi on Thursday, bringing the two nations together to strengthen economic cooperation and chart future areas of partnership. The meeting was held a day after the 3rd India-Singapore Ministerial Roundtable, underscoring a week of intensive bilateral engagement. According to a Ministry of Commerce & Industry press release, the discussions centred on expanding trade and investment links, identifying priority sectors for alignment, improving logistics and supply chain efficiency, simplifying regulations, and enhancing cross-border trade facilitation. During the meeting, both sides reviewed progress in existing collaborations, including work in the semiconductor sector and the digitalisation of trade processes. They also explored new opportunities in skills development, capacity building, and other emerging industries. The talks were co-chaired by Rajesh Agrawal, Special Secretary, Department of Commerce, Ministry of Commerce and Industry, and Beh Swan Gin, Permanent Secretary, Ministry of Trade and Industry, Singapore. Agrawal noted that the India-Singapore relationship has moved beyond traditional trade frameworks, with ample opportunities for further cooperation still ahead. This year marks significant milestones: the 60th anniversary of diplomatic ties between the two countries and the 20th anniversary of the comprehensive economic cooperation agreement (CECA). Signed in 2005, CECA was India's first comprehensive trade agreement with any country and Singapore's first such pact with a South Asian nation. Singapore remains a key economic partner for India. It is India's largest trading partner within ASEAN, with bilateral trade touching USD 34.26 billion in 2024-25. The island nation is also India's second-largest source of Foreign Direct Investment, contributing USD 163.85 billion (about Rs. 11,24,509.65 crore) in equity inflows between April 2000 and July 2024, accounting for roughly 24 per cent of cumulative FDI inflows. The gathering reaffirmed the shared intent to strengthen economic ties, while setting the stage for further technical discussions and follow-up actions in the coming months.
India Gazette
23-06-2025
- 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
23-06-2025
- 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)
Time of India
23-06-2025
- Business
- Time of India
Govt holds extensive consultations on FTAs to protect public, industry interests: Piyush Goyal
Tired of too many ads? Remove Ads New Delhi: Commerce and industry minister Piyush Goyal Monday said the government holds extensive stakeholder consultations on the free trade agreements (FTAs) and is pursuing these pacts while keeping in mind the interests of the domestic said that India is keeping in mind both the offensive and defensive interests of industry while negotiating these agreements.'We do all our FTAs after holding extensive stakeholder consultations and meetings. We address their (industries) concerns and needs,' he said while commemorating the third anniversary of the opening of Vanijya Bhawan India has concluded multiple FTAs in the last three years, and negotiations for more than seven trade pacts currently under progress.'Going forward also, we will do FTAs which will keep in mind national and public interests,' he the importance of Quality Control Orders , he said that India doesn't settle for anything second when it comes to quality.
Time of India
23-06-2025
- Business
- Time of India
FTAs: Goyal says India shaping free trade agreements prioritising domestic industries; addressing their 'concerns and needs'
Commerce and Industry Minister Piyush Goyal affirmed that India's free trade agreements (FTAs) prioritize domestic industry interests through extensive stakeholder consultations, carefully balancing offensive and defensive needs. He emphasized pursuing trade pacts with complementary economies, ensuring national and public interests are upheld. Commerce and industry minister Piyush Goyal on Monday said India is shaping its free trade agreements (FTAs) considering the interests of domestic industry, holding extensive consultations with stakeholders. Speaking at an event to mark the third anniversary of Vanijya Bhawan in New Delhi, Goyal stressed that both the offensive and defensive needs of Indian industries are being considered while engaging with potential trade partners. 'We do all our FTAs after holding extensive stakeholder consultations and meetings. We address their (industries) concerns and needs,' PTI cited the minister. Goyal further noted that India is pursuing trade pacts with countries that complement, rather than compete with, its economy. 'Going forward also, we will do FTAs which will keep in mind national and public interests,' he added. The minister also used the occasion to reflect on the significance of Vanijya Bhawan, calling it a symbol of modern and integrated governance. He said the building represents a broader vision of India's commercial evolution over the past decade. He said the event was more than just marking the anniversary of a physical building, it was a celebration of a transformative vision that has driven the nation's progress over the last 11 years. He highlighted how platforms like the Government e-Marketplace (GeM) have opened up public procurement to entrepreneurs across India, including those from remote areas. 'E-commerce today provides mechanisms to discover the best price and bring producers from every corner into national supply chains,' he added. Addressing staff, Goyal also stressed upon the importance of collective responsibility within the ministry. Urging a cleaner and more efficient workplace, he said, 'by next year, same time, our house keeping staff should be 50 per cent of what it is today.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
