India to Enter FTAs on its Own Terms; No FTA will be Signed in a Hurry- Piyush Goyal

Piyush Goyal Announces Invest India Special Desk for North East States

Commerce and Industry Minister Addresses State Consultation Worshop for Make in India

Union Minister of Commerce and Industry and Railways, Piyush Goyal, said that India will not enter into any free trade agreements (FTAs) or economic partnerships in a rush as any free trade agreement has to be a two- way benefit arrangement and a win-win for all sides. He was speaking at a State Consultation Workshop for Make in India in New Delhi. Ministers of State for Commerce and Industry Hardeep Singh Puri and SomParkash, Commerce and Industry Ministers from 27 States and Secretary DPIIT were present at the workshop.

Commerce and Industry Minister further informed that India is in talks with the European Union and United Kingdom for FTAs and dialogue will begin in a few months. He assured representatives of the States to assuage the industries and manufacturers of their region that India will enter in FTAs on its own terms and will take all measures to protect the interests of the country, the industries and ensure job creation. India is not in a weak leadership to meet deadlines of regional FTAs said the Minister.Commerce and Industry Minister further stressed that in today’s world India cannot adopt an isolationist position and remain cut-off from the rest of the world but India will engage with the world after taking all necessary and adequate safeguards for its domestic industry both manufacturing and services.

During his address Commerce and Industry Minister informed that Invest India is setting us a dedicated desk for the states of the North East Region that will look into investment targeting, promotion of investments for the North East States, facilitation of investments and development of websites for the States of the North East Region of India. He also informed that free legal help is being provided to the MSME industries by Directorate General of Trade Remedies in the Ministry of Commerce and Industry and urged the MSME industries to avail of this facility.

In order to help attract investments Commerce and Industry Minister said that regulatory stability is very essential so that investments are safe and secure. He also urged States to look at their labour laws in order to create a conducive environment for investments in manufacturing. He welcomed suggestions from States and industry on ways to take the Make in India programme more robust and chart out a road map for the next five years with a focus on ease of doing business that will attract more investments, create more jobs in the MSME sector.

Free Trade Agreement strategy: India will negotiate on its own terms, prioritising safeguards for domestic industry and jobs. India will approach Free Trade Agreements cautiously, declining to sign FTAs in haste and requiring reciprocal benefits and safeguards to protect domestic manufacturing, services and employment. Parallel measures include Invest India's dedicated desk for North East investment facilitation, free legal assistance to MSMEs from the Directorate General of Trade Remedies, promotion of regulatory stability, encouragement of labour law reform at the state level, and a five-year Make in India roadmap focused on ease of doing business and job creation.