Piyush Goyal Highlights Strategic Shift in India’s FTA Approach

By A Staff Reporter

New Delhi: Union Minister of Commerce and Industry Piyush Goyal stated that India’s approach to Free Trade Agreements (FTAs) has undergone a significant transformation under the current government. Speaking on the ongoing negotiations for the India-UK Comprehensive Economic and Trade Agreement (CETA), Goyal said the agreement would be a crucial step toward achieving the vision of a “Viksit Bharat” (Developed India).

He criticized the FTAs signed during the previous UPA administration, claiming they were concluded with competing nations that could export cheaper products to India, thereby impacting the country’s manufacturing sector negatively. “The FTAs signed during the UPA rule were not in the best interests of the country,” he remarked.

Highlighting the current government’s strategy, Goyal noted that recent agreements have been signed with Mauritius, Australia, the UAE, and the European Free Trade Association (EFTA) countries. “India now signs FTAs with countries which do not compete with us but complement us,” he added.