FTAs with nations to help provide more market access to Indian goods, says Piyush Goyal

By: |
November 14, 2021 4:23 PM

When these agreements would be finalised, it would provide "greater access to our manufactured goods as there will be less or zero customs duties," the minister said.

Piyush GoyalHe also said that Uttar Pradesh plays a key role in promoting the country's exports. (File)

Talks for the proposed free trade agreements (FTAs) with countries, including Australia, the UK and the UAE, are moving at a fast pace and these pacts, when implemented, would help provide greater market access to domestic goods, Commerce and Industry Minister Piyush Goyal said on Sunday.

Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

Goyal said that talks for such pacts are going on with Australia, UAE, GCC (Gulf Cooperation Council), European Union, Israel and the UK.

Member countries of GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE).

When these agreements would be finalised, it would provide “greater access to our manufactured goods as there will be less or zero customs duties,” the minister said at Vaishya Samaj Sammelan.

He also said that Uttar Pradesh plays a key role in promoting the country’s exports.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Rising fuel prices- Small is big: How the ‘Chhotu’ LPG cylinder became a bestseller
2WTO defers ministers’ meet
3Govt plans further cut in compliance burden: Piyush Goyal