Mumbai The Indo-UK Free Trade Agreement (FTA) will help many sectors of the country to move forward, including manufacturing to services industry. This statement was made by Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday. The top RBI official said that the period of multilateralism has now been left behind and India now needs to make such more free trade agreements with other countries.
Malhotra said at an event in New Delhi, “The Free Trade Agreement (FTA) is the way to move forward with Britain, because unfortunately multiplicity has been left behind.”
He further said that business talks with America are also in advance stage.
The governor of the central bank said that many other trade agreements are also in different stages of negotiations.
Talking with in London, Union Commerce and Trade Minister Piyush Goyal said that discussions are going on to improve trade relations with many countries. India has signed a historic Free Trade Agreement (FTA) with Britain, which will open billions of dollars opportunities for the two countries.
The Commerce Minister said, “Very good conversation is going on with New Zealand, Oman, Chile, Peru and European Union. The bilateral trade agreement (BTA) is also having a good discussion with the US. I firmly believe that all these negotiations will yield positive results.”
India and the US teams have completed the fifth round of talks for the proposed bilateral trade agreement (BTA) at Washington DC.
The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will officially come into force from October 1, which will create 1 million direct employment in India.
The RBI Governor has termed the Indo-Bitten Comprehensive Economic and Trade Agreement (CETA) as a “historic leap”. It will empower workers, farmers, MSMEs and startups across the country.
Malhotra further said that the UK FTA will prove to be helpful in many sectors of the Indian economy. Under this agreement, agricultural sector is also a major advantage, where about 95 percent of Indian agricultural products will get a fee-free access in the UK.
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