India is expected to strike free trade agreements with the UK, Canada and the European Union before the end of the year, Union Minister Anupriya Patel said in Chennai on Tuesday.
The Minister of State for Trade and Industry said the country’s trade was “going through a watershed moment” as it recorded $675 billion in exports while merchandise exports accounted for $419 billion a year. last year.
“We (the ministry) are also in the process of negotiating the signing of free trade agreements with the United Kingdom, Canada and Russia and they could be concluded before the end of the year,” he said. she stated.
Patel was speaking at the Stakeholder Outreach Program organized by the Directorate General of Foreign Trade on the occasion of India’s signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Agreement of economic trade cooperation (ECTA) with Australia.
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Noting that exports are vital for a country’s growth, she said India had concluded the deal with Australia in just 88 days and it was one of the fastest deals never signed. “It’s a very comprehensive deal,” she said.
She pointed out that the comprehensive economic partnership agreement between India and the United Arab Emirates was already “operationalised” and that there was huge potential in terms of job creation.
“Apart from job creation, these deals will also lead to increased remittances as a result of growing Indian diaspora (in both countries),” she said.
(Edited by : Asmita pants)