Union Minister for Commerce and Industry Piyush Goyal has said that the days when India used to accept the terms of the world are now gone.
He also emphasised that the Modi government always keeps in mind consistent and long-term benefits for domestic players during negotiations for free trade agreements.
“We crystal gaze into the future to make sure that its (FTAs) impact in the future will also be positive and we also look at balanced, fair and equitable FTAs,” the Minister said in an interview to PTI.
“So we can see the big Indian opportunity that we are offering and we want to make sure that we get commensurate benefits (from these pacts) for the country,” he said.
He indicated “some good news” on this front in the days to come.
Goyal’s views come in the backdrop of India and the European Free Trade Association (EFTA) bloc concluding talks for an FTA.
Members of the EFTA include Iceland, Liechtenstein, Norway, and Switzerland.
The free trade pacts signed under the Modi regime encompass high levels of stakeholder consultations with the industry, Goyal said.
Apart from that, he said each line ministry is also involved in ensuring that the government safeguards the country’s long-term interests.
“Today we give out the terms, based on the big Indian opportunity that we bring to the table. I am very confident that we hear some good news in the days to come. Our officers are relentlessly pursuing several engagements. Let us see who pips the others,” he said.
Under pacts for free trade, two trading partners substantially lessen or mitigate custom duties on the most amount of goods traded between them, apart from easing norms which facilitate trade in services and investments.
Conversations for an FTA with the UK and Oman are also at an advanced stage.
(With PTI Inputs)
