The Minister of Commerce and Industry, Piyush Goyal, said on Tuesday that a free trade agreement (ALE) with the European Union (EU) could be sealed in a month or two, and the Pact, associated with other similar commitments, will insulate India of geopolitical changes that occur in the rest of the world.
“I am not very concerned about what is happening in the world. I think it will open up new prospects for opportunities for India,” said the minister during the 18th event of the Swissmem Industry Day in Bern, Switzerland.
India and the EU have been negotiating FTA since 2022. India signed an ALE with the United Kingdom last month and signed a similar pact with the European Free Trade Association (EFT) of four members. With the EU Trade Deal, India would obtain preferential access for its exports to all of Europe.
The Minister also said that India had solid discussions with the United States for a bilateral trade agreement (BTA). While the Minister spoke, an American delegation led by the deputy representative of the US trade concluded seven -day negotiations on the BTA temporary tranche in New Delhi.
Citing India’s trade agreements with Australia and certain countries in Western Asia as well as ongoing negotiations with New Zealand, Peru and Chile, the Minister said: “India is released today. In this situation, any turbulence in the rest of the world will harm less to that which it will harm the rest of the world because we have a great period of growth that concerns us. ”
Goyal said India offers an opportunity that will help the rest of the world in their future plans. “This geopolitical situation, for me, will only be a huge opportunity for India to take advantage,” he said.
Addressing the rally, the minister also proposed to create Swiss enclaves in India which can provide industrial and social infrastructure to Swiss companies to set up a base and operate.
The Minister has made offers similar to other countries while the government is over -off to populate the 12 intelligent industrial cities that arrive throughout India and the 100 industrial parks up to 500 acres that will appear in cities along industrial corridors.
About The Author
