Negotiations for free trade agreements (FTAs) with multiple countries are in the pipeline, said India’s Commerce and Industry Minister, Piyush Goyal, on Friday, including Qatar and Oman.
While talks with Oman are set to be finalised soon, Qatar and Saudi Arabia are “keen” to finalise FTAs with India, said the minister.
“Free Trade Agreement with Oman will be finalised soon,” he said, adding, "Qatar also wants to do a trade agreement and Saudi Arabia is also keen”.
Dispelling fears surrounding losses to India following the imposition of 50 per cent tariffs by the US on Indian goods, Goyal assured exporters of all government support to help deal with the current global headwinds on the trade front because of “unilateral actions of a country”.
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While the government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports, Goyal said the Centre’s proposed GST reforms will help domestic consumption get a boost.
“Our exports this year will be higher than last year,” he promised, adding that India’s share in global trade is only about 2 per cent.
“Nearly 40 per cent of export products to the US are out of the ambit of the tariffs, so the impact will be less,” he assured people.
Meanwhile, India’s talks with the European Union for a free trade agreement are moving at a faster pace, the minister added.
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