New Delhi: India increases its international business efforts with Trade Minister Piyush Goyal to lead a high -level business delegation to France and Italy next week.
Outreach comes in the middle of the growing global interest in the Indian market and its role in global supply chains, with several countries getting more than $ 100 billion to direct foreign investment (FDI).
FTA diplomacy in overdrive
After participating in some key meetings in Paris, Goyal travels to Italy with an industrial delegation to deepen business and investment ties.
It is also expected that a separate Indian business delegation will visit Switzerland at about the same time. These visits reflect the expanding involvement of India with countries within the free trade agreement (FTA).
“We launched interviews with FTA with New Zealand and just yesterday the Minister of Trade in New Zealand sent me a message that is looking forward to meeting in Paris next week,” Goyal said when he spoke at the CII commercial summit on Thursday.
India has already closed FTA with SAE and Australia, while negotiations with Great Britain have been completed and the agreement is now in the process of signing after the final legal inspection, which is expected to take another 3-4 months.
In March last year, an agreement on free trade with four EFTA countries – Switzerland, Norway, Iceland and Lichtenstein was also signed. Within this agreement, they committed a long -term investment of $ 100 billion in India along with their business obligations.
“The investment of $ 100 billion committed through the route of direct foreign investment in the next 15 years catalyzes nearly $ 500 billion in the total investment in factoring partner contributions and related influx,” the Minister said.
The Indian bilateral business agreement with the US is also approaching the final phase and the Minister said it remains “good on the good way”. In addition, FTA discussions with the European Union FTA make constant progress.
A series of negotiations signals wider efforts of India to position as a trusted business partner based on rules at the time of increasing geopolitical uncertainty and disruption of the supply chain.
Given that the Indian economy in the upcoming decades will be among the best drivers of global growth, the government is trying to use trade agreements not only to expand the market for its exports, but also to attract deeper investments and technological transfers.
(Tagstotranslate) India
