India in FTA Talks with US, EU, and Others
Commerce and Industry Minister Piyush Goyal announced that India is actively engaged in negotiations for free trade agreements (FTAs) with various nations, strengthening its global trade ties. Key details include:
– Countries Involved: Current negotiations include the United States, European Union, New Zealand, Oman, Peru, and Chile.
– Existing Agreements: India has successfully implemented FTAs with the UAE, Australia, and the four-nation European bloc EFTA.
– Investment Focus: Goyal emphasized the importance of encouraging two-way investments by reducing trade barriers, fostering a transparent environment for the free flow of goods, services, and capital.
– Global Context: He highlighted that we are at a pivotal moment in global history, with the traditional world order undergoing significant changes amidst uncertainty.
– Regulatory Reforms: To enhance the ease of doing business, the Indian government has removed over 42,000 compliance requirements and abolished 1,500 outdated laws.
These efforts reflect India’s commitment to expanding its trade relationships and adapting to a dynamic global landscape, reinforcing the nation’s position in international markets.