New Delhi: The comprehensive economic trade agreement (CETA) with the UK is a stepping stone and will serve as a "gold standard for more such pacts with other advanced economies, commerce and industry minister Piyush Goyal said on Saturday. He said negotiations with the US on the proposed trade agreement are progressing fast.
Goyal said India has protected all sensitive sectors, including dairy, rice and sugar in the CETA. He said the agreement with the UK will help boost exports of abour intensive products such as footwear, textiles and gems and jewellery.
"We have protected all sensitive sectors of India...we have not opened (those areas) for the UK. Zero compromise and extensive benefits makes it a phenomenal free trade agreement ( FTA)," Goyal said. The CETA was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
Emphasising that the agreement will open doors to the developed world, Goyal said, "There are various new chapters. We have signed the deal on our own terms and for India's economy, It will mean a lot."
"On one hand, there is an FTA with the sixth-largest economy We negotiated with confidence and on our terms... 99% of our ports will get preferential market access and without duty. What we need will come to the Indian markets," said the minister. "Yet, we kept the safeguard for sensitive sectors such as dairy and agriculture. It is a win-win trade agreement."
He emphasised that unlike FTAs by the erstwhile Congress-led UPA regime with Asean countries, the present dispensation ensures Indian interests are protected. The agreements, he said, are now being signed "with clarity We do not compete with each other but complement."
Other pacts
“All FTAs have their own dynamics, and we are at very advanced stage of discussions with Oman, the EU and the US. We are also discussing (matters) with New Zealand, Chile and Peru... So, we are quite busy right now on many FTAs simultaneously,” said Goyal.
“We can develop trust between developed nations and India, so FDI flows can grow... So, the work is going on all these FTAs at a fast pace and in the right direction.”
Noting that India protects its sensitive sectors and opens doors on areas which are labour-intensive, he said, “Every agreement stands on its own feet, and is based on the circumstances of each country.”
On the same sensitive sectors being out of the FTA, he said, “By not opening up auto earlier, we have lost so much opportunity, but now we have intelligently opened up auto in the UK...”
“Developed countries used to keep higher duties on labour intensive products so as to give preferential duties to some countries,” he said.
Goyal said India has protected all sensitive sectors, including dairy, rice and sugar in the CETA. He said the agreement with the UK will help boost exports of abour intensive products such as footwear, textiles and gems and jewellery.
"We have protected all sensitive sectors of India...we have not opened (those areas) for the UK. Zero compromise and extensive benefits makes it a phenomenal free trade agreement ( FTA)," Goyal said. The CETA was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
Emphasising that the agreement will open doors to the developed world, Goyal said, "There are various new chapters. We have signed the deal on our own terms and for India's economy, It will mean a lot."
"On one hand, there is an FTA with the sixth-largest economy We negotiated with confidence and on our terms... 99% of our ports will get preferential market access and without duty. What we need will come to the Indian markets," said the minister. "Yet, we kept the safeguard for sensitive sectors such as dairy and agriculture. It is a win-win trade agreement."
He emphasised that unlike FTAs by the erstwhile Congress-led UPA regime with Asean countries, the present dispensation ensures Indian interests are protected. The agreements, he said, are now being signed "with clarity We do not compete with each other but complement."
Other pacts
“All FTAs have their own dynamics, and we are at very advanced stage of discussions with Oman, the EU and the US. We are also discussing (matters) with New Zealand, Chile and Peru... So, we are quite busy right now on many FTAs simultaneously,” said Goyal.
“We can develop trust between developed nations and India, so FDI flows can grow... So, the work is going on all these FTAs at a fast pace and in the right direction.”
Noting that India protects its sensitive sectors and opens doors on areas which are labour-intensive, he said, “Every agreement stands on its own feet, and is based on the circumstances of each country.”
On the same sensitive sectors being out of the FTA, he said, “By not opening up auto earlier, we have lost so much opportunity, but now we have intelligently opened up auto in the UK...”
“Developed countries used to keep higher duties on labour intensive products so as to give preferential duties to some countries,” he said.
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