India expects to seal FTA with EU by 2023: Goyal
GOYAL SAID INDIA HAS SEALED PACTS WITH THE UAE AND AUSTRALIA, AND IS IN NEGOTIATIONS WITH OTHER COUNTRIES
MUMBAI: India will be able to conclude a free trade agreement (FTA) with the EU by next year, Union commerce and industry minister Piyush Goyal said on Friday.
The country has already sealed pacts with the UAE and Australia and is in negotiations with other countries or blocs including the EU, the UK, Canada, and the Gulf Cooperation Council (GCC), Goyal said an event organised by the IMC Chamber of Commerce. “By next year, we would be able to conclude an FTA with the EU,” the minister said. Goyal said a delegation from Italy, including its foreign minister, is in New Delhi and he will have discussions with its members.
Three rounds of negotiations have been held with the UK and there is a possibility of a fourth round soon, Goyal said. The minister said he will meet the representatives on May 26-27.
The FTAs will push growth and create more jobs, Goyal said, making it clear that the country is looking for fair, equitable, and a win-win partnerships with other countries or blocs.
The minister pointed out that India recorded $38 billion in exports in April, the highest for the month after the busy March when businesses are keen to seal sales before the financial yearend. A closer look at the numbers indicates that India is emerging as a manufacturing hub for high-class products, Goyal said. This indicates that programmes such as the performance linked incentive scheme and the infrastructure push are giving the expected results, he said.
Goyal pointed to goods and services tax collections of more than ₹1.67 lakh crore in March and said it is redeeming that the economic activity is back beyond expectations of analysts and the surge in purchasing managers’ indices is also reflective of the revival.
The country could attract foreign direct investment of $82 billion in 2021, its highest ever, as it has emerged as an isle of stability with the rule of law, democracy, and stable policies which attract businesses, Goyal said.