India Prioritizes Equity, Balance In Free Trade Agreements: Piyush Goyal

(MENAFN- Live Mint) India seeks equity, balance, and fair trade as key principles when negotiating free trade agreements (FTAs), Union commerce and industry minister Piyush Goyal said on Tuesday.

Speaking at the 27th CITIC CLSA India Forum in Mumbai, Goyal emphasised that India aligns with countries whose economic systems are transparent, open, and compatible with its own.

"India engages in FTAs with nations where there is transparency and openness in their systems," Goyal said, adding such agreements are driven by the country's long-term vision of fostering sustainable and fair trade partnerships.

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Highlighting the government's developmental priorities, Goyal said fulfilling basic amenities for citizens has been at the forefront of policymaking over the past decade.

A commerce ministry statement quoted him as saying that this approach empowers citizens to aim higher and contributes to India's strategic growth, leveraging the "4D" advantage of democracy, demographic dividend, demand, and decisive leadership under Prime Minister Narendra Modi.

Calling on participants to continue investing in India, the minister noted that the country's trajectory towards becoming a developed nation, or Viksit Bharat, by 2047 provides unparalleled opportunities.

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“The delta of opportunity India offers makes it the best business destination for the world,” he added.

Addressing queries on skill development, Goyal said the government's $30 billion allocation for five skill development schemes announced in the 2024 Budget will enable Indian youth to customize their education paths and pursue vocations of their choice.

The minister also pointed to the increasing role of corporate social responsibility (CSR) in enhancing skill development.

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The CLSA India forum, a key platform for global investors, witnessed discussions on India's economic potential, reforms, and its emergence as a business and investment hub.

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