Focus on Free Trade Agreements with developed countries: Piyush Goyal

Addressing the reconstituted Board of Trade here on Tuesday, Commerce and Industry Minister Piyush Goyal argued for the need to sign more Free Trade Agreements (FTAs) with developed economies. In this regard, he urged participants of the Board of Trade (BOT) to focus on the possibilities that each sector had to offer in FTAs.

The Board of Trade meeting saw leading traders across the country interact with Mr. Goyal who assured them of his support and also reviewed presentations from the States. The meeting focused on export target setting, the new Foreign Trade Policy (2022-’27), and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.

The BOT has been constituted by merging the Council for Trade Development and Promotion with the Board of Trade through a notification of 17 July, 2019. It gives an avenue to State governments and the Union Territories for articulating their concerns regarding the trade policy.

India concluded a trade pact with the United Arab Emirates earlier this year and launched negotiation for similar pacts with several other countries such as Canada. India also signed an interim trade agreement with Australia — Economic Cooperation and Trade Agreement — in April which is awaiting legislative ratification from Canberra. The agreement was negotiated by the government of Prime Minister Scott Morrison who was defeated by Anthony Albanese, the current Prime Minister of Australia.