India's Ambitious Global Trade Expansion

Commerce and Industry Minister Piyush Goyal announced India is negotiating free trade agreements with multiple nations, including important economies like the US and EU. Additionally, efforts to enhance domestic infrastructure and ease of business regulations are underway to bolster India's trade landscape.

In a statement that underscores India's growing involvement in global commerce, Commerce and Industry Minister Piyush Goyal announced that the country is actively negotiating free trade agreements with key international partners. These include economic giants such as the United States and the European Union, as well as nations like New Zealand, Oman, Peru, and Chile.

Goyal highlighted the potential for India Trade Promotion Organisation (ITPO) to collaborate with state governments, specifically mentioning plans to develop the Andhra Mandapam, a world-class convention center comparable to the Bharat Mandapam in New Delhi.

Emphasizing the importance of reducing global trade barriers, Goyal noted that such measures could enhance the movement of goods, services, and capital. India has already cemented free trade agreements with the UAE, Australia, and the EFTA. In parallel, the government has taken steps to ease doing business by removing over 42,000 compliances and eliminating 1,500 outdated laws.

(With inputs from agencies.)