No rushed approach towards FTAs, assures Goyal

No rushed approach towards FTAs, assures Goyal

Commerce Minister Piyush Goyal on Wedneday said that India will not enter into any free trade agreements (FTAs) or economic partnerships in a rush as any free trade agreement has to be a two-way benefit arrangement and a win-win for all sides.

He was speaking at a State Consultation Workshop for Make in India that among others was attended by Ministers of State for Commerce Hardeep Singh Puri and Som Parkash, and Commerce and Industry Ministers from 27 states and secretary DPIIT.

According to Goyal, India is in talks with the European Union and Britain for FTAs and dialogue will begin in a few months. He assured representatives of the states to assuage the industries and manufacturers of their region that India will enter in FTAs on its own terms and will take all measures to protect the interests of the country, the industries and ensure job creation.

"India is not in a weak leadership to meet deadlines of regional FTAs," he said.

He, however, stressed India cannot adopt an isolationist position and remain cut-off from the rest of the world but India will engage with the world after taking all necessary and adequate safeguards for its domestic industry both manufacturing and services.

At an earlier event, Goyal had said that an environment of fear psychosis was being created against the Regional Comprehensive Economic Partnership (RCEP), and clarified that the government was under no obligation to sign the mega trade deal without properly assessing its impact on the domestic economy.

During his address at the consultation workshop, Goyal said that Invest India is setting us a dedicated desk for the states of the northeast that will look into investment targeting, and promotion of investments in the region.

He also said that free legal help is being provided to the MSME industries by Directorate General of Trade Remedies and urged the small industries to avail of this facility.

In order to help attract investments, the minister said that regulatory stability is very essential so that investments are safe and secure. He also urged states to look at their labour laws in order to create a conducive environment for investments in manufacturing.

Source: IANS