Finance
Mumbai, May 14, 2022
The Union Minister for Commerce and Industry; Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal held a day-long stakeholder consultation with various sectors of the industry in Mumbai today, on India’s ongoing negotiations on Free Trade Agreements with Canada, the United Kingdom and the European Union. The Minister had separate meetings with representatives of automobiles, gem and jewellery, textiles, steel, copper and aluminium sectors. The hybrid interaction had industry leaders and associations attending both in person and online.
The Commerce Minister apprised the industry as to how the Agreements that are being negotiated will elevate the overall economic and commercial relations with respective partner countries which in turn will not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities. Shri Goyal stressed on the potential benefits – both direct and complementary spill-over economic benefits, including increased investment, job creation and employment opportunities.
While appreciating the accommodative spirit of the Industry, the Minister urged the industry representatives to continue to support the trade negotiations in the same spirit in the wider interests of the nation, contributing to the holistic development of multi-sectoral economic value chains in the country.
The industry representatives thanked the Minister for entering into FTAs with UAE, Australia and other nations, that too at such a fast pace fulfilling a long-lasting dream for many of them. Further, all the stakeholders expressed gratitude to the Minister for taking into consideration concerns of Indian Industry and provided constructive inputs on this matter with a view to ensure overall balance between market access and domestic sensitivities.
A non-exhaustive list of Trade bodies/Associations/EPCs that participated in the consultations is given below.
| Sl.
No. |
Sector | Trade Bodies/ Associations which participated |
| 1. | Automotive Industry (Automobiles/auto components) |
|
| 2. | Gems and Jewellery |
|
| 3. | Textiles |
Promotion Council
|
| 4. | Steel |
|
| 5. | Copper |
|
| 6. | Aluminium |
|
Source:PIB
