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Informist, Friday, Aug 30, 2024

 

--Minister Goyal: Free trade pact talks on with Chile, Peru, Oman

--Minister Goyal: India-UK free trade agreement well on track

--Minister Goyal: Orissa plans industrial parks under PM Gati Shakti

--Minister Goyal:Rajasthan plans industrial parks under PM Gati Shakti

 

MUMBAI – India is currently in discussions for a free trade agreement with Chile, Peru, and Oman, Commerce and Industry Minister Piyush Goyal told Informist on the sidelines of the Global Fintech Fest today.

 

"There are lots of countries (looking for free trade). I met Chile's foreign minister two days ago, on 28th (Aug 28), they also want FTA. Peru is keen to have FTA and Oman's minister met me yesterday (Aug 29), for the same," he said. "So there is a lot of excitement around doing business with the future of the world which is India."

 

In June, Informist exclusively reported that the commerce ministry aims to conclude negotiations for a free trade agreement with Peru by the end of the current financial year ending March 2025, and start negotiations with Chile in August for the same.

 

Peru is the first Latin American country to discuss a comprehensive agreement with India, while Chile is the second Latin American country with which India will start negotiations for a free trade agreement.

 

India further has preferential trade agreements with the the Mercosur bloc comprising Argentina, Brazil, Uruguay and Paraguay in the region. 

 

India had initiated negotiations for a free trade pact in 2017, but the talks were disrupted after the last round in 2019, due to the COVID-19 pandemic. The government then resumed discussions with Peru about the pact in October.

 

"I have often said that we never put a deadline on any FTA negotiations. They have to evolve. It has to be a win-win for both countries, or both sets of countries," Goyal said.

 

Commenting on the India-UK free trade agreement, Goyal said that negotiations are progressing well. He mentioned having productive discussions with UK Minister for Trade and Investments Jonathan Reynolds.

 

"We've had very good discussions with my counterpart, the Honourable Minister for Trade and Investments, Mr. Jonathan Reynolds. I met him before the elections also, when he had come to India, and he had confirmed the interests of the Labour Party to conclude an FTA with India and expand our comprehensive bilateral relationship", Goyal said.

 

Reynolds assured that if the free trade agreement was concluded with the then government, the Labour Party would support it when they came to power, Goyal said. "....at that time he said, if you finalise the FTA with the government, we will support it when we come into power. If you do not finalise it, we will finalise it when we get into power". He added that discussions will resume at an appropriate time.

 

Goyal also mentioned meeting Reynolds during the G7 event in Italy and noted that while he is familiar with the ongoing negotiations, the new UK government is still catching up.

 

On the industrial parks being developed under Prime Minister Modi's Gati Shakti initiative, he said, "We've already approved these 12 parks two days ago. Two more states, today Rajasthan, and the day before yesterday (Wednesday), Odisha, have been pursuing me that they also want an additional park in their state. Rajasthan got the Bali Jodhpur Mewar Park, I've got a request for one more park in Kota, and a park in one more region. So, this is the way forward," Goyal said. 

 

End

 

Reported by Sachi Pandey and Kabir Sharma 

Edited by Rajeev Pai

 

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