India has recently signed two trade agreements with the UAE and Australia and is hopeful of concluding the negotiations for two more such pacts by the end of this year, Commerce and Industry Minister Piyush Goyal has said.
Negotiations for a free trade agreement (FTA) with the UK are expected to be concluded this month, while talks with Canada for a deal are progressing at a rapid pace. Goyal said two FTAs have already been finalized this year and he is hoping for the conclusion of at least two more by the end of this year. He was addressing an event hosted by the US-India Strategic Partnership Forum.
Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalize norms to enhance trade in services and boost investments. He also said both the governments of India and the US desire to strengthen economic relations and strategic partnership, adding that the strong bond with the people of the US will transcend into business and government rapidly.
India is on course to becoming a USD 30 trillion economy in the next 25-30 years, he said, asking the Indian diaspora to grab the opportunity that the growth story of India offers.