Union Minister of Commerce & Industry Shri Piyush Goyal during his keynote speech at the 27th CITIC CLSA India Forum today in Mumbai said that India looks for equity, balance and fair trade when negotiating a Free Trade Agreement. He asserted that India enters into FTAs with countries which are transparent, open and where Governments’ economic systems align with India.

Shri Goyal asserted that fulfilling basic amenities of citizens has been the Government’s priority for the last decade empowering Indians to aspire big, ensuring that India uses the 4D advantage of Democracy, Demographic Dividend, Demand and Decisive Leadership led by Prime Minister Shri Narendra Modi. Urging participants at the forum to continue investing in the country, he noted that the delta of opportunity India provides as it grows towards a Viksit Bharat by 2047 makes it the best business destination for the world.

Addressing a question on skill development in the country, the Minister stated that the PM Narendra Modi-led Government has announced five schemes worth $30 billion in the Budget 2024. In the years to come, the Government’s focus will be on allowing youth to curate their formal education as per their desires and move into a vocation of their choice. CSR spending in skill development will also enhance the progress in the years to come, he said.

Free Trade Agreement equity and balance sought; India requires transparency and aligned economic systems in FTA negotiations. India conditions entry into Free Trade Agreements on equity, balance and fair trade, seeking partners that are transparent, open and whose governmental economic systems align with India; transparency and systemic compatibility are operative criteria. The Government emphasises basic amenities and the combination of democratic governance, demographic advantage, demand and decisive leadership to attract investment, and prioritises skill development through announced schemes and enhanced corporate social responsibility support for vocational training.