Piyush Goyal Reviews FTA Gains, Engages Industry On Ongoing Trade Negotiations

New Delhi, Jul 1 (KNN) Commerce and Industry Minister Piyush Goyal convened discussions on Monday to examine opportunities arising from recently finalised free trade agreements, while also addressing industry concerns and expectations regarding proposed and ongoing trade negotiations, according to an official statement.

The meeting included comprehensive discussions on previously concluded FTAs and the challenges associated with effectively utilising these trade pacts.

Minister Goyal presided over the session with export promotion councils and industry associations, bringing together representatives from diverse sectors including textiles, apparel, engineering, gems and jewellery, medical devices, and services.

The timing of this meeting carries particular significance as a trade delegation from New Delhi, headed by chief negotiator and Commerce Department Special Secretary Rajesh Agrawal, is currently conducting negotiations in Washington DC for an early phase of the India-United States bilateral trade agreement.

Concurrently, India maintains active trade negotiations with multiple partners. The country is pursuing a trade agreement with the European Union, targeting completion by December.

Additional negotiations are underway with New Zealand, Oman, Peru, and Chile. Meanwhile, India and the United Kingdom have initiated the legal review process for their recently concluded trade deal.

The session featured presentations from the Department of Commerce detailing the performance of Special Economic Zones and recent reforms implemented within these zones.

Officials also outlined additional proposed reforms designed to streamline procedures, enhance economies of scale, and maximise utilisation of underused SEZ capacities. These reform initiatives align with India's broader economic objective of achieving a five trillion-dollar economy by 2027.

(KNN Bureau)