Union Minister of State for Ministry of Commerce and Industry Jitin Prasada has said that India is revising free trade agreements (FTAs) with South Korea, Malaysia and various other Asian countries to benefit the domestic industries.
He noted that the FTAs with the UK and the European Union are being spearheaded by Prime Minister Narendra Modi. He added ‘It will play a great role for the auto components industry’. He further said ‘We are also revising and reworking our FTAs with Korea, with Malaysia, with Asian countries, which will be fine-tuned to the demands of our industry’.
Prasada also urged the auto components industry to increase investment in R&D activities. He noted ‘We are not investing enough in R&D, I believe this is 1 per cent of the revenue that is being invested so this is very crucial’. He also emphasised the importance of boosting exports, reducing import dependence and ensuring growth.
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