We are talking to the EU and I am in dialogue with the European Trade Commissioner: Piyush Goyal (File)
New Delhi:
India has started trade negotiations with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Trade Minister said on Saturday as the economy searches for new markets for its products.
Piyush Goyal said India is ready to commit to a preferential trade agreement with the United Kingdom for the ultimate purpose of a free trade agreement.
He is also in dialogue with the European Union trade commissioner for an agreement which could start with a preferential trade agreement. He added that the ultimate goal would also be to conclude a free trade agreement.
“We are talking to the EU and I am in dialogue with the European Trade Commissioner. I am looking for an agreement on early harvests. Open to discussions on a variety of topics. It is in the UK and the EU who holds the gauntlet first, “said Mr. Goyal.
Negotiations for a comprehensive free trade agreement between the EU and India were suspended in 2013 after six years of talks.
India withdrew from the Regional Comprehensive Economic Partnership last year due to concerns over China’s access to its markets and is looking for new ways to boost exports.
The country has also lifted trade barriers to block cheap imports from China and replace them with locally produced products for domestic consumption and exports.
“Besides pharmaceuticals, we have textiles, handicrafts, leather, furniture, industrial machinery, toys are areas in which India can engage with the UK and the EU in competitive prices, “said Goyal.
India’s economic growth has been largely driven by local consumption and successive governments have struggled to increase their exports.
Over the past six years, Prime Minister Narendra Modi’s government has attempted to push exports through various programs like “Make in India”, but with limited success.
