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India to expand trade ties with nations offering fair, balanced FTAs: Goyal
Apr-17-2025

Commerce Minister Piyush Goyal has said that India will expand its trade ties with nations that will offer fair, balanced and equitable free trade agreements (FTAs). He stressed that the country's gains must match its offer of accessing a 1.4 billion-strong, and fast-growing consumer market. He noted that India is negotiating FTAs with different countries and regions, including the European Union (EU) and Oman. The remarks also assume significance as India is negotiating a bilateral trade agreement with the US. The aim is to finalise the first phase of the pact by the fall (September-October) this year. 

At India-Middle East-Europe Economic Corridor (IMEC) Conclave 2025, the minister said this corridor would help promote trade, seamless movement of goods and people, and cut down logistics costs. He said that it can also open up opportunities for the financial world. He said ‘we could have multilateral financing agencies along this corridor to help promote both the setting up of the corridor and at some stage. We should explore innovative financing models and see how this could finally be financed.’ He added that the countries can look at harmonising regulatory practices, and enhanced alignment on process, procedures, trade practices, customs union and paperworks within these nations. 

He further informed that India and the UAE have been in a dialogue for a virtual trade corridor. He said India is also in dialogue with Singapore to look at the possibility of having an undersea cable for transporting clean energy. He said ‘I've had a conversation with Australia...Singapore is also talking to Australia to see if the Singapore, Australia leg could be connected. We are in dialogue with Saudi Arabia and UAE to see if this leg could be connected.’ Further, he said that this project needs to be seen from the lens of public-private partnership as it will help in making it financially viable and it should not be only the government's initiative. 


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