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India will not rush into signing hasty FTA deals: Piyush Goyal
Photo courtesy: UNI

India will not rush into signing hasty FTA deals: Piyush Goyal

India Blooms news Service | @indiablooms | 23 Feb 2024, 09:31 pm

New Delhi: Commerce Minister Piyush Goyal on Friday said that India will avoid making hasty free trade agreements (FTA) unless there is a just and balanced arrangement in trade deals, media reported.

"We should never rush trade negotiations, they are going to impact the country for years and years to come," Goyal said at an event organised by an independent think tank, Reuters reported.

The minister's remarks came in response to questions about the growing complexity of India's trade discussions with both the UK and the European Union (EU).

At first, India and the UK had anticipated finalising a free trade agreement by late 2022, but they have shied away from setting a firm deadline since then.

Further, negotiations between India and the EU resumed in 2022 after a nine-year lull due to disagreements regarding the expectations from the deal.

A trade deal between India and the UK holds importance for New Delhi as it aims to expand its exports, while the UK stands to gain broader access to its whisky, premium cars, and legal services.

Moreover, India and the EU have resumed negotiations in 2022 with the objective of creating a free trade agreement, which could serve as a counterweight to China's increasing influence in the Indo-Pacific region.

Commerce Minister Goyal also emphasised that India will strongly address the EU's carbon border adjustment tax within the framework of the World Trade Organization (WTO), while also engaging in bilateral discussions on the matter.

India intends to raise objections to the EU's proposed carbon tax on imports of steel, iron ore, and cement at the upcoming WTO meeting in Abu Dhabi scheduled from February 26 to 29.

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