SME Times News Bureau | 05 Nov, 2019
Union Minister of Commerce and
Industry on Tuesday said that India is exploring trade agreements with USA
& E U while FTAs with Japan, Korea & ASEAN are being reviewed, adding
that India is 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.
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.
He 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.
Goyal 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.