Union Minister for Commerce and Industry Piyush Goyal on Sunday said that India has started the scoping exercise of deciding the type of framework of (FTA) free trade agreement with Gulf Cooperation Council (GCC) to provide jobs, growth and enhance the country's economic trade between the two sides.
"Gulf Cooperation Council reached out to us, we've already started the scoping exercise of deciding the type of framework of FTA with GCC. I'm hopeful we'll launch negotiations and come up with fair and balanced FTA," he said while speaking to ANI.
The minister said, "I am very hopeful that in the near future, we will launch discussions and negotiations and try to come up with a good, free trade, fair and equitable agreement which will provide opportunities for jobs, growth and increase our economic trade between the GCC region and India."
Further, Goal exuded confidence over the expansion of good work with the GCC regions. "I am very confident will be able to do good work to expand trade with the GCC," he added.
He said that India is emerging as a preferred destination for investments as the Foreign Direct Investments (FDIs) has been consistently growing over the past seven years.
Goyal said, "You will appreciate that FDIs in the past 7 years has been consistently growing, year after year it has broken all the records. It shows that India is emerging as a preferred destination for investments."
The minister said that India has record investments even during the COVID-19 period.
On being asked about the visit of a high-level delegation from UAE to Jammu and Kashmir for business opportunities, he said that Kashmir has become an "attraction for investors" both in India and internationally after the abrogation of Article 370."After the abrogation of Article 370 in August 2019, the way Kashmir has become an attraction for investors both in India and internationally was evident when a high-level delegation from UAE has come to Jammu and Kashmir for investments," Goyal stated.
Piyush Goyal said that the India Pavilion at the Expo 2020 Dubai is being appreciated as it gives glimpses of how India will become a world leader in future.
"The Indian Pavilion here in Dubai Expo is showing a combination of our culture, our growth and glimpses of how India will become a world leader in the future," said Piyush Goyal.
Emphasizing the popularity of the Indian Pavilion at the Expo 2020, Commerce Minister said that India is witnessing the highest number of footfalls next to the host country pavilion.
"We are witnessing a huge number of visitors' footfall at our pavilion. The maximum number of visitors after the local pavilion of UAE and Saudis are being witnessed at the Indian Pavilion. So far, a total of 16 lakh people have visited our stall. An average of 20,000 people are visiting the spot every day. Last week, there was a waiting line of three hours which shows the interest of the world in India," said Goyal.
The Indian government had said that Dubai Expo 2020 will be a significant platform for India to showcase its vibrant culture and tremendous growth opportunities for the next six months.
Fifteen states and nine central ministries from India are participating in this expo, which will be ending on March 31, 2022.
( With inputs from ANI )
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