India Exploring Trade Agreements with USA & EU

· FTAs with Japan, Korea & ASEAN being Reviewed

· No Trade Agreements in a hurry, says Piyush Goyal

[MoC&I Press Release dated 5 November 2019]

Union Minister of Commerce and Industry & Railways Piyush Goyal assured that India will never finalize any trade agreement in a hurry. During trade negotiations the focus will be on India first said the Minister while addressing a press conference, on the decision taken by India on the Regional Comprehensive Economic Partnership (RCEP), in New Delhi 5 November 2019.

He said that India’s economic interests and national priorities come first and the concerns of the farmers, dairy sector, MSMEs and domestic manufacturing will be addressed and these sectors will be protected. Commerce and Industry Minister informed that throughout the seven year long negotiations in RCEP India has consistently stood its ground to uphold its demands particularly over controlling trade deficit, stronger protection against unfair imports and better market opportunities for Indian goods and services. The opening up of the Indian market must be matched by openings in areas where our businesses can benefit and India will not allow its market to become a dumping ground for goods from other countries said the Minister.

Commerce and Industry Minister further informed that the Free Trade Agreements (FTAs) with Japan, South Korea and ASEAN countries are being reviewed. The review of the FTA with South Korea, which began 3 years back, is being fast tracked. He further informed that India has already secured agreement in ASEAN for a review of the FTA and a Joint Working Group (JWG) is discussing the issues to be addressed in Japan FTA.

Replying to questions Commerce and Industry Minister informed that at present India is exploring trade agreements with the USA and European Union, where Indian industry and services will be competitive and benefit from access to large developed markets.