Commerce and Industry Minister Piyush Goyal has said that India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders, noting that unlike in the past, these pacts are now fair, equitable and balanced. Citing the agreement with the four-European nation bloc EFTA, Goyal 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.
Commerce Minister also said that India's decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. He added that ‘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.’
Besides, Goyal highlighted that the country's goods and services exports touched $778 billion in 2023-24, and this year, it is expected to cross $800 billion. He added that the government has rolled out a series of software measures to boost domestic manufacturing, and today India is the second largest mobile maker in the world.
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