World economies keen on signing Free Trade Agreements with India, says Union Commerce Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Friday asserted that many economies want to sign Free Trade Agreements (FTAs) with India to expand their trade relations and friendship to benefit from India’s larger market potential.

“The economies in the world are looking for trade relations and FTAs with India to do more business as they believe that India’s potential helps their economies survive and grow,” said Mr. Piyush Goyal in his address during the inauguration of the temporary campus of the Indian Institute of Foreign Trade-Kakinada (IIFT-Kakinada).

Mr. Piyush Goyal stated that foreign trade would be the defining feature of the Indian economy to become a “developed nation” by 2047. The Union Minister advocated that the Indian foreign trade should be actively part of the global supply chain and services.

“Many economies and developed nations are witnessing inflation. At this juncture, agencies such as International Monetary Fund (IMF) have branded India as a Bright Spot in the world,” said Mr. Piyush Goyal.

“Political stability, decisive leadership and competitive spirit between the States and the Centre are strong features of our economy”Piyush Goyal Union Minister of Commerce and Industry

“Political stability, decisive leadership and competitive spirit between the States and the Centre are the strong features of our economy, and collective efforts will us help emerge as a developed economy,” said Mr. Goyal.

On Andhra Pradesh economy, Mr. Piyush Goyal said, “The Andhra Pradesh’s agriculture, marine and fisheries sectors and Special Economic Zones will promote foreign trade. However, it still needs human talent and manpower skills, which can be filled by the IIFTs as a support system.”

The Union Minister urged people to spare 5% of their spending on tourism to encourage business of local goods, handicrafts, and handloom products for the development of all the regions.