India’s recent trade agreements signify govt’s commitment to empowering businesses: Goyal

Mumbai, July 25 (FN Bureau) India’s recent trade agreements with Australia and UAE and ongoing discussions on Free Trade Agreements with EU, UK and Canada signify the government’s commitment to empowering businesses, a senior union minister said here on Tuesday. “We are thrilled to embark on an extraordinary journey of growth, fuelled by collaboration and international partnerships. Our recent trade agreements with Australia, and UAE and ongoing discussions on FTA with UK, EU, and Canada signify our commitment to empowering businesses, facilitating technology transfers, and fostering deeper geopolitical alliances,” Union Commerce and Industry Minister Piyush Goyal said, The minister was speaking at the 30th anniversary celebrations of CareEdge Ratings, one of the leading ratings agencies in India.

Goyal said by implementing the Rupee currency in UAE trade, India was aiming to open vast trade opportunities while addressing the 5-6% costs incurred otherwise in currency conversion, impacting MSMEs significantly. He also added that India’s vibrant democracy has all the right ingredients for any country to to do tradeand to further expand the synergies between industry and the government. India’s semiconductor sector is witnessing an astounding level of interest from major industry players, with global majors actively exploring various avenues of engagement, the minister informed. He also discussed key elements surrounding India’s financial landscape, mentioning the GDP growth from 13.7% in FY04 to 23.5% in FY23.