- Advertisment -
HomeNationalFree trade deal with European Union may take longer to conclude: Goyal ...

Free trade deal with European Union may take longer to conclude: Goyal MIGMG News

- Advertisment -

Migmg news

Union Commerce Minister Piyush Goyal on Friday said a free trade deal with the European Union (EU) will take longer as negotiations with the 27-nation bloc drag on.

Active negotiations for FTAs ​​(free trade agreements) are underway with two-three countries and the EU, Goyal said while speaking at the Technotex event here organized by industry lobby Fitchi.

He said there would be some “good news” soon, that the pact with the EU could take longer.

“The EU will need more time, because there are 27 countries that need to get on the same page,” the minister said.

Last year, India signed MoUs with Australia and the United Arab Emirates. Reports suggested the country was in talks with other countries, including the United Kingdom, Israel and Canada.

Goyal said the government is considering coming up with a manufacturing-related incentive scheme for the finished goods sector, but did not elaborate on the same.

He said the government has received applications for only Rs 250 crore for R&D purposes in textiles, despite having allocated a fund of Rs 1,400 crore for the same under the Technical Textiles Research Mission, and urged the industry to step up its efforts.

The minister said there was huge potential in the technical or man-made textile business and asked the industry to increase its investment, saying the Indian market would grow faster than the current 10-12 percent.

The $22 billion industry should conservatively aim to reach a size of $125 billion by 2047, Goyal said, asking participants to focus more on exports as well.

Stating that the industry has neglected skills in the last few years, Goyal urged technical textile players to help train 2 million people under two dedicated schemes launched by the government.

While urging the industry to focus on sustainability and the circular economy, Goyal also hit back at the opposition, saying Prime Minister Narendra Modi’s wearing of a jacket made from recycled plastic bottles was a “big contrast” to wearing designer Louis Vuitton scarves.

The Union minister also said that many in the world are worried while witnessing the high growth in India and are trying to “dispel” the story.


- Advertisment -

Most Popular