Trade Pact With European Union May Take Longer To Conclude: Piyush Goyal
The European Union (EU) and the United States will negotiate a free trade agreement over a longer period of time, according to Piyush Goyal, minister of commerce for the Union.
According to Piyush Goyal, there are two to three nations and the EU with whom active negotiations for FTAs (free trade agreements) are currently taking place. The accord with the EU may take longer, he said, but there will shortly be some “positive news.”
“EU will take a longer time, because there are 27 countries which have to come on the same page,” the minister said.
India inked free trade agreements with Australia and the United Arab Emirates last year. According to reports, the nation is in contact with the UK, Israel, and Canada, among other nations.
Piyush Goyal stated that the government is considering creating a production-linked incentive program for the finished goods industry, but he did not go into further detail.
He claimed that after providing $1,400 billion for the technical textiles research mission, the government had only received applications for $250 billion in funding for textile research and development. He urged the industry to increase its efforts.
The minister stated that the technical or man-made textiles industry has enormous potential and urged the sector to raise investments because the Indian market will grow more quickly than the present 10–12%.
Piyush Goyal suggested that the $22 billion industry seek to be a $125 billion sector by 2047 and urged participants to concentrate more on exports.
Piyush Goyal urged the technical textile players to assist in training 2 lakh workers under two specific government programs after claiming that the industry had ignored skilling in recent years.
Piyush Goyal criticised the Opposition while urging the industry to concentrate on sustainability and the circular economy, claiming that Prime Minister Narendra Modi’s choice to wear a jacket made of recycled plastic bottles is in “big contrast” to his choice to adorn himself with scarves from designer Louis Vuitton.
The Union minister added that many people around the world are seeking to “derail” the story because they are worried about India’s rapid rise.
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