Commerce Minister Piyush Goyal stated that India is nearing trade agreements with Chile and Canada, aiming to boost exports in textiles, agriculture, and MSMEs while expanding global market access for Indian goods and services.
India Progresses on International Trade Pacts
India’s trade negotiations with Chile are nearing conclusion, while discussions with Canada are making good progress, Commerce and Industry Minister Piyush Goyal said, signalling the government’s push to expand the country’s trade partnerships and open up new markets for Indian goods and services.
Speaking at a press conference during his Netherlands visit on Monday, Goyal said negotiations with several trading partners were progressing, with Mexico also keen on an early-harvest arrangement, while talks with the Southern African Customs Union (SACU) had recently begun.
Status of Global Trade Discussions
“I can see Chile is quite ripe for conclusion, Canada is making very good progress,” Goyal said, outlining the status of India’s ongoing trade negotiations. He said discussions with the Gulf Cooperation Council (GCC) could take longer due to the West Asia crisis, although India was ready to accelerate the process. The proposed trade agreement with the Eurasian region was still being assessed, as it covers goods but excludes services, he added.
Boosting Domestic Industries and Employment
Goyal said India was pursuing trade agreements to improve market access for domestic businesses and create opportunities across sectors, including textiles, leather, footwear, agriculture, marine products, auto components and precision engineering. He said labour-intensive industries could benefit from lower duties under trade agreements, while improved access for agricultural and marine products could increase demand for goods produced by farmers and fishing communities. Micro, small and medium enterprises (MSMEs) making auto components and precision engineering products could also see opportunities for employment generation.
Technological Investments and Global Capability Centres
The minister said India was also likely to see large-scale investments in modern technologies in the coming years, as international businesses explore opportunities in the country. On global capability centres (GCCs), Goyal said companies were increasingly considering shifting work to India instead of relocating Indian talent abroad. He said this could reduce costs for businesses while increasing India's foreign exchange earnings, tax revenues and domestic consumption.
Strategic Approach to Future Negotiations
Goyal also said the government had strengthened its approach to trade negotiations through greater stakeholder consultations and standard operating procedures to preserve institutional knowledge and ensure that domestic sensitivities were protected. He said India would expand international exhibitions and business delegations to help Indian companies explore overseas markets and familiarise foreign businesses with investment opportunities in the country. (ANI)
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