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

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.

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

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First published on: 14-11-2021 at 04:23:19 pm