Indian economy well-poised to take off; govt will hold discussions with Britain, EU on free trade agreements, says Piyush Goyal

On RCEP, Goyal said it was an 'unbalanced trade agreement, which was really not fulfilling the guiding principles on which RCEP started about eight years ago, therefore India chose not to participate in it'.

Press Trust of India January 23, 2020 16:02:45 IST
Indian economy well-poised to take off; govt will hold discussions with Britain, EU on free trade agreements, says Piyush Goyal
  • At least four or five companies have said that more than 50% of their total workforce would operate out of India in the coming years, says Goyal

  • On RCEP, Goyal said it was an unbalanced trade agreement, which was really not fulfilling the guiding principles on which RCEP started about eight years ago

  • Out of the RCEP countries, India already has bilateral trade agreements with ASEAN-10 with Japan and Korea, he said

Davos: Asserting that the Indian economy is well-poised to take off, Union minister Piyush Goyal on Thursday said there is a lot of enthusiasm for making investments in the country.

Speaking at a session at the World Economic Forum (WEF) annual summit here, the Commerce and Industry Minister also said the government will hold discussions with Britain and European Union on free trade agreements (FTAs).

Britain is set to leave the European Union by end of January.

Indian economy wellpoised to take off govt will hold discussions with Britain EU on free trade agreements says Piyush Goyal

File image of Commerce Minister Piyush Goyal. PTI

"... things have once again started showing an uptrend... economy is well poised to take off from here," Goyal said.

According to him, the enthusiasm to make investments in India is infectious.

At least four or five companies have said that more than 50 percent of their total workforce would operate out of India in the coming years. Some of them are big names, he noted.

On RCEP, Goyal said it was an "unbalanced trade agreement, which was really not fulfilling the guiding principles on which RCEP started about eight years ago, therefore India chose not to participate in it".

"Out of the RCEP countries India already has bilateral trade agreements with ASEAN-10 with Japan and Korea, we are close to concluding negotiations with Australia which we have restarted now and in the next 6 to 8 months we are can close a bilateral trade partnership with Australia, he said.

"RCEP was effectively becoming a free trade agreement between China and India. I don't think India is ready to engage unless we see open government, better transparency, regulatory practices being followed, and a greater market access for Indian goods and services on a reciprocal basis," he said.

Updated Date:

also read

Myanmar: Aung San Suu Kyi moved to solitary confinement in prison
World

Myanmar: Aung San Suu Kyi moved to solitary confinement in prison

Since her ouster in a coup last year, Suu Kyi had been under house arrest at an undisclosed location in Naypyidaw, accompanied by several domestic staff and her dog

ASEAN foreign ministers call on PM Modi
World

ASEAN foreign ministers call on PM Modi

Had a good interaction with Foreign Ministers and Representatives of ASEAN countries as we celebrate 30 years of close India-ASEAN cooperation, PM Modi tweeted

UK government publishes plan to override parts of Brexit deal
World

UK government publishes plan to override parts of Brexit deal

The UK government denies any potential breach of international law, arguing that the changes will mean the United Kingdom stays together.