FTA a journey India embarking on with UK, Australia; looking at GCC region for broad economic partnership: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal on Monday said India is embarking with the United Kingdom, Australia on free trade agreement (FTA) and hoped to look at the entire Gulf Cooperation Council (GCC) region for a Comprehensive Economic Partnership.

"It's a journey that we are all embarking with the United Kingdom, Canada, Israel, Australia and with the European Union. We hope to also look at the entire Gulf Cooperation Council (GCC) region for a Comprehensive Economic Partnership (CEPA)," Goyal said.

He continued, "in all of these journeys, I think UAE and India have made an excellent document, covering a wide variety of subjects can certainly help as a template and set the goal and agenda for our future engagement."

He also noted that Prime Minister Narendra Modi-led India from the front over the CEPA signed with UAE and his vision has always been to achieve a "historic high in goods and services" between the two countries.

"A historic high in goods and services, that is what PM Modi's vision always was. He led from the front. He would monitor the progress regularly. He would encourage businesses to direct interaction. He met with all our export promotions council, all our industry associations. He talked to 180 missions from all across the world encouraging them to facilitate our businesses," Goyal said.

He said that the delegation of business persons and export promotion council is one of the largest delegations that has ever gone out from India for business to business meetings.

"Probably ever, I do not remember it in my 35 years whether a delegation of this size has ever gone," he said.

"The enthusiasm that we saw in the room encouraged me to reset our relationship. This partnership that we have with UAE is not just economic, it is very strategic, it is geopolitical and our people-to-people connection is a delight. The comfort that we have with each other, the personal bonding that we have been able to build with the people of the UAE and India," he added.

The minister pointed to the increasing trade possibilities.

"It is not something of today..for generations people from the UAE would come to Mumbai, for example, to trade in goods, to do shopping but over the years I think we were not able to keep that momentum. This partnership is reigniting that old spirit..the enthusiasm that was there. I felt encouraged to reset our goals and look for a much broader canvass in which this partnership should work and possibly going up to USD 250 billion between UAE and India by 2030."

"At some time in the near future, we hope to also to look at the entire GCC region for a comprehensive economic partnership," he added.

Referring to the challenges posed by COVID, he said India has "a trusted country status".

"The whole world trusts India today. Businesses for their timely delivery, quality of service, and despite the COVID not even for a one second did our Indian service providers let down any international commitment."

India-UAE CEPA was signed on February 18 in New Delhi during the India-UAE Virtual Summit.

( With inputs from ANI )

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