Latest news with #VanijyaBhawan
India Gazette
11 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
11 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)
Time of India
15 hours ago
- 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
15 hours ago
- 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
Hindustan Times
17 hours ago
- Business
- Hindustan Times
India charting new road with record export, free trade agreements: Piyush Goyal
New Delhi: India is charting a new road to economic prosperity with record export figures and multiple free trade agreements, commerce minister Piyush Goyal said on Monday, highlighting the Vanijya Bhawan's efficient infrastructure, effective support systems and positive work environment that was created three years ago. Union minister of commerce and industry Piyush Goyal addresses the gathering during the 3rd year anniversary celebration of Vanijya Bhawan, in New Delhi on Monday. (ANI Photo) 'Supported by a robust digital ecosystem, processes are being streamlined and made quick and more transparent,' the minister said, emphasizing that the Vanijya Bhawan personifies the spirit of optimism and resilience that helped the government to achieve record exports of $825 billion in 2024-25 against all odds. Vanijya Bhawan houses the commerce and industry ministry. Despite global headwinds and adverse geopolitical situations, India has been able to register record export growth year-after-year, which is as per the Prime Minister Narendra Modi's vision that it is a major growth engine, an official said referring to PM inaugurating the modern administrative building of the commerce ministry on June 23, 2022. 'Exports play a key role in the transition of a country from developing to developed status,' Prime Minister said that day. The Union budget for FY26 acknowledged exports as one of the four growth engines for the Indian economy with agriculture as the first engine followed by micro, small and medium enterprises (MSMEs) and investments. Vanijya Bhawan, which is a symbol of 'new thinking', is now India's centre of major trade negotiations, including the recently concluded bilateral trade deal with the United Kingdom and two major ongoing free trade negotiations with the United States and the European Union, the official mentioned above said. 'In all likelihood, an FTA negotiation with Canada is expected to be resumed soon even as we are engaged with similar bilateral trade deals with Peru, Chile and New Zealand. Our hands are full,' he said. 'Vanijya Bhawan has been envisioned as a modern, efficient, integrated and dedicated hub for India's fast-growing commerce and industry ecosystem,' Goyal said in a series of posts on X. 'In the 3 years since its inauguration by Prime Minister @NarendraModi ji, several milestones have been achieved and new benchmarks set in the way India does business,' Goyal said in the post. This has been made possible by the commitment of our employees. From senior officials to the cleanliness staff, each individual working here is helping script the memorable story of India's trade and commerce, he said. 'I would like to thank each and every member of the Vanijya Bhawan Parivar,' he added. The achievements of the last three years remind us of the power of planning, dedication and execution, the minister said. 'Let us commit once again to engage further with our industry and global partners to realise the goal of Viksit Bharat 2047,' he said. 'Development of state-of-the-art futuristic infrastructure has been another highlight. The focus is squarely on empowering businesses and attracting greater investments. Enhancing stakeholder consultations, reducing compliance burden and improving Ease of Doing Business have resulted in empowerment of small businesses, increased investor confidence and a more competitive trade environment,' the minister said. The Prime Minister on June 22, 2018 laid the foundation stone of the Vanijya Bhawan. The building has been completed in less than the budgeted cost of 226 crore. On the day of its inauguration three years ago, Goyal said that the Vanijya Bhawan would be made completely digital and would become a symbol of India's growing power on the global platform.
