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A need to focus on Free Trade Agreements with developed countries: Piyush Goyal

By Shankar Krishnan --
Wednesday, 14 Sep, 2022

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal chaired the first meeting of the newly reconstituted Board of Trade.

In his opening remarks at the meeting of the reconstituted Board of Trade Piyush Goyal said, “Exports have been one of the most defining features of the government’s efforts to make India a developed country by 2047, a vision articulated by Prime Minister Narendra Modi, in his Independence Day address to the nation this year.”

Addressing the reconstituted Board of Trade, Commerce and Industry Minister Piyush Goyal argued for the need to sign more Free Trade Agreements (FTAs) with developed economies. In this regard, he urged participants of the Board of Trade (BOT) to focus on the possibilities that each sector had to offer in FTAs. The Board of Trade meeting saw leading traders across the country interact with Mr. Goyal who assured them of his support and also reviewed presentations from the States. The meeting focused on export target setting, the new Foreign Trade Policy (2022-'27), and the strategies and measures to be taken in order to take forward domestic manufacturing and exports. The meeting was attended by Various State Ministers and other senior officials of key line ministries and States, all major trade and industry bodies, Export Promotion Councils and industry associations.

The BOT has been constituted by merging the Council for Trade Development and Promotion with the Board of Trade through a notification of 17 July, 2019. It gives an avenue to State governments and the Union Territories for articulating their concerns regarding the trade policy. India concluded a trade pact with the United Arab Emirates earlier this year and launched negotiation for similar pacts with several other countries such as Canada. India also signed an interim trade agreement with Australia — Economic Cooperation and Trade Agreement — in April which is awaiting legislative ratification from Canberra.

Source: The Hindu Newspaper

A need to focus on Free Trade Agreements with developed countries: Piyush Goyal. <big>Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal chaired the first meeting of the newly reconstituted Board of Trade.</big>

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<big> In his opening remarks at the meeting of the reconstituted Board of Trade Piyush Goyal said, “Exports have been one of the most defining features of the government’s efforts to make India a developed country by 2047, a vision articulated by Prime Minister Narendra Modi, in his Independence Day address to the nation this year.”</big>
</blockquote>

<big>Addressing the reconstituted Board of Trade, Commerce and Industry Minister Piyush Goyal argued for the need to sign more Free Trade Agreements (FTAs) with developed economies. In this regard, he urged participants of the Board of Trade (BOT) to focus on the possibilities that each sector had to offer in FTAs. The Board of Trade meeting saw leading traders across the country interact with Mr. Goyal who assured them of his support and also reviewed presentations from the States. The meeting focused on export target setting, the new Foreign Trade Policy (2022-'27), and the strategies and measures to be taken in order to take forward domestic manufacturing and exports. The meeting was attended by Various State Ministers and other senior officials of key line ministries and States, all major trade and industry bodies, Export Promotion Councils and industry associations.</big>

<big>The BOT has been constituted by merging the Council for Trade Development and Promotion with the Board of Trade through a notification of 17 July, 2019. It gives an avenue to State governments and the Union Territories for articulating their concerns regarding the trade policy. India concluded a trade pact with the United Arab Emirates earlier this year and launched negotiation for similar pacts with several other countries such as Canada. India also signed an interim trade agreement with Australia — Economic Cooperation and Trade Agreement — in April which is awaiting legislative ratification from Canberra.</big>

<big>Source: The Hindu Newspaper</big>