New Delhi, June 11: India’s strategy of signing Free Trade Agreements (FTAs) with developed economies is aimed at supporting the country’s long-term growth ambitions by expanding global engagement, attracting investments, promoting innovation, improving quality standards and creating employment opportunities, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing the closing session of the 5th Annual Meeting of India Global Innovation Connect here, Goyal said these partnerships are helping India integrate more deeply into global trade and value chains while strengthening its economic transformation.
“India’s strategy of entering into Free Trade Agreements (FTAs) with developed economies is designed to support the country’s long-term growth ambitions by expanding global engagement, attracting investments, promoting innovation, creating jobs, upgrading quality standards and increasing India’s participation in international trade,” Goyal mentioned.
He noted that countries across Europe, North America, the Gulf region, Australia and New Zealand possess higher per capita incomes, advanced technologies and significant capital resources, while India offers a young workforce, competitive costs and a rapidly expanding domestic market.
The minister said India has signed nine FTAs over the last three to three-and-a-half years, covering 38 countries. According to him, these agreements are opening access to new markets, encouraging collaboration in emerging technologies and enabling greater integration into global value chains while generating opportunities for investment and employment.
Highlighting India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), Goyal said the pact has established a strong framework for trade, investment and innovation-led cooperation between India and countries such as Switzerland, Norway, Liechtenstein and Iceland.
He noted that under the agreement, the EFTA countries have committed to invest $100 billion in India over 15 years and support the creation of one million direct jobs. Goyal said India is currently in the second year of implementing the agreement and discussions are actively progressing regarding investments under the framework. He added that the investment commitment formed an important element of the pact, creating a balanced arrangement that benefits both India and its partner countries.
IANS
