NEW DELHI: Negotiations with the US for a bilateral trade agreement are well on track and those with the EU are also progressing at a fast pace, Commerce and industry Minister Piyush Goyal said Thursday at the CII AGM. He also said that India is a “compulsive investment destination” with a strong flow of foreign direct investments.
“We are well on track in our bilateral trade agreement with the US and making fast progress with EU,” Goyal said at the CII’s annual general meeting.
American trade officials are visiting India June 5-6 for trade talks for an interim trade pact.
Stating that the two sides in February announced to negotiate a mutually beneficial bilateral trade agreement to boost bilateral trade to $500 billion, Goyal said: “And for that we are continuously working”.
He added that India is capable of entering into good and mutually beneficial trade agreements with the US and different other countries.
On a US court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports, Goyal said: “We do not comment on domestic matters of other countries”.
The minister stated that India keeps good relations with developed countries to help provide opportunities for its youth, farmers and startups, and the country is working to have good, balanced and mutually beneficial trade agreements with different nations.
He said a successful FTA is one which is beneficial in the long term.
“Then you have to be sensitive about other person’s concerns and articulate about your concerns,” he said, adding that 9-10 free trade pact engagements are going on at present.
India is negotiating trade pacts with the US, the EU, New Zealand, Chile, Peru and Oman.
FDI robust
Goyal also said that India is a “compulsive investment destination”, with a strong flow of foreign direct investments and that the FDI numbers have been breaking records, and are back on growth trajectory.
“Even amidst international upheavals, India has done a fairly good job,” he said, adding that the RBI has done a good job in maintaining the liquidity in the market.
“Over the past 20–25 years, Indian companies have delivered nearly 20% CAGR returns, making India a compulsive investment destination. FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations,” he added.
At the same event, Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said that
FDI inflows are expected to grow further, based on the elevated levels seen in the past four-five years.
“We expect this inflow to grow further. And if you see the last four, five years, this normal—if you can call it a normal of FDI which used to be added over—has stepped up to a much higher level,” Bhatia said, adding that the interest of foreign investors is on account of the positive story which is seen by them when looking from the outside into the country.
He added that while there may be some debate around the FDI figures, India received around $81 billion in foreign direct investment during the last fiscal—the third-highest ever, with the peak being $84 billion. “We expect this inflow to grow further,” he said.
“We are well on track in our bilateral trade agreement with the US and making fast progress with EU,” Goyal said at the CII’s annual general meeting.
American trade officials are visiting India June 5-6 for trade talks for an interim trade pact.
Stating that the two sides in February announced to negotiate a mutually beneficial bilateral trade agreement to boost bilateral trade to $500 billion, Goyal said: “And for that we are continuously working”.
He added that India is capable of entering into good and mutually beneficial trade agreements with the US and different other countries.
On a US court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports, Goyal said: “We do not comment on domestic matters of other countries”.
The minister stated that India keeps good relations with developed countries to help provide opportunities for its youth, farmers and startups, and the country is working to have good, balanced and mutually beneficial trade agreements with different nations.
He said a successful FTA is one which is beneficial in the long term.
“Then you have to be sensitive about other person’s concerns and articulate about your concerns,” he said, adding that 9-10 free trade pact engagements are going on at present.
India is negotiating trade pacts with the US, the EU, New Zealand, Chile, Peru and Oman.
FDI robust
Goyal also said that India is a “compulsive investment destination”, with a strong flow of foreign direct investments and that the FDI numbers have been breaking records, and are back on growth trajectory.
“Even amidst international upheavals, India has done a fairly good job,” he said, adding that the RBI has done a good job in maintaining the liquidity in the market.
“Over the past 20–25 years, Indian companies have delivered nearly 20% CAGR returns, making India a compulsive investment destination. FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations,” he added.
At the same event, Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said that
FDI inflows are expected to grow further, based on the elevated levels seen in the past four-five years.
“We expect this inflow to grow further. And if you see the last four, five years, this normal—if you can call it a normal of FDI which used to be added over—has stepped up to a much higher level,” Bhatia said, adding that the interest of foreign investors is on account of the positive story which is seen by them when looking from the outside into the country.
He added that while there may be some debate around the FDI figures, India received around $81 billion in foreign direct investment during the last fiscal—the third-highest ever, with the peak being $84 billion. “We expect this inflow to grow further,” he said.
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