NEW DELHI: Commerce and industry minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced.
“We are not signing FTAs like in the past. Every agreement is after extensive stakeholder consultation,” he said at an event in Chennai.
Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of $100 billion FDI (foreign direct investment) in this pact.
The Modi govt has implemented these pacts with countries like Australia and the UAE. He also said that India’s decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. “It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country. Therefore, we refused to join RCEP,” he added.
Talking about exports, he said the country’s goods and services exports touched $778 billion in 2023-24, and this year, it is expected to cross $800 billion.
“We will maintain our CAD (current account deficit) at still around one per cent of GDP, which is a reasonable level to maintain,” he said.
