India Strives to Revise Unfair FTAs Amidst Industry Concerns

Commerce Minister Piyush Goyal discussed ongoing negotiations to review FTAs with Japan, Korea, and Asean, which are viewed as unfavorable to India's domestic industry. Despite the slow progress, India remains committed to these renegotiations. Goyal emphasized the importance of industry support for startups and MSMEs in his remarks at a CII event.

Commerce and Industry Minister Piyush Goyal revealed on Tuesday that talks to review Free Trade Agreements (FTAs) with Japan, Korea, and Asean are progressing slowly. These agreements, which originated during the UPA regime, have been criticized for being detrimental to India's domestic industry.

Goyal expressed his frustration, stating, 'I am helpless as those agreements came into effect before we came to power. I am helpless to change it until we close the negotiations.'

Despite the slow pace, India remains committed to renegotiating these FTAs. Goyal's remarks came during a CII event focused on Viksit Bharat. He emphasized the need for industry support for startups and MSMEs to prevent them from undervaluing their innovations.