More FTAs to be Operationalised Soon: Piyush Goyal
Commerce and Industry Minister Piyush Goyal stated that India effectively handled recent geopolitical tensions in West Asia and secured continuous energy supplies by diversifying its import sources.
Speaking at the Citi India Conference online, Goyal stated that worries regarding India's reliance on energy imports through the Strait of Hormuz and interruptions to specific supply routes did not impact the local availability of essential fuels like petrol, diesel, aviation turbine fuel (ATF), liquefied natural gas (LNG), and LPG.
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"India today is focussing not only on assembling in India or bringing technologies from across the world; India is becoming an innovation hub, promoting design, research and development, new-age technologies, AI applications, and clean energy solutions that encourage data centres to locate in India," he says.
The minister also emphasized India's shift from a manufacturing economy focused on assembly to one driven by innovation.
Regarding trade, Goyal mentioned that India is prepared to implement at least two to three key free trade agreements (FTAs) within the next six months, and an additional three to four important treaties are anticipated to be finalized in the coming year.
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"Only on June 1, the Oman FTA came into effect. In the coming six months, you will see at least two or three more very substantive FTAs coming into effect. Over the next year, you will see us executing at least another three or four significant FTAs," he says.
The minister stated that all nine FTAs, which have either been finalized or are in negotiation over the last three-and-a-half years, are anticipated to take effect in approximately nine to ten months.
Goyal mentioned that discussions with the US for the initial portion of a bilateral trade agreement are nearing completion. He mentioned that discussions with the European Union are finished and are awaiting official signing, while the trade agreement with the UK is awaiting implementation following last year's signing.
India is in discussions for trade agreements with nations such as Peru, Chile, Canada, and Israel, aiming to enhance market access for Indian exporters.
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Promoting India as a favored location for international investment, Goyal noted that the nation is progressively seen as the "sole viable option" for manufacturing and investment in light of rising geopolitical and economic uncertainties worldwide.
The minister also conveyed hope regarding investment opportunities in eastern India, noting that Kolkata is once again becoming a business hub and that West Bengal is ready for a new era of growth and development.