India, UK initiate negotiations for FTA

May 14: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 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 providing constructive inputs on this matter with a view to ensuring an 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.SectorTrade Bodies/ Associations which participated
1.Automotive Industry (Automobiles/auto components)Society of Indian Automobile Manufacturers (SIAM), Automotive Components Manufacturers Association of India (ACMA)Society of Manufacturers of Electric Vehicles (SMEV)EEPC IndiaCII
2.Gems and JewelleryGJEPCAll India Gem & Jewellery Domestic Council
3.TextilesApparel Export Promotion CouncilCotton Textiles Export Promotion CouncilIndian Silk Export     Promotion CouncilSynthetic & Rayon Textiles Export Promotion CouncilWool Industry Export Promotion CouncilICCFICCIASSOCHAMCIICotton Corporation of India (CCI)Handloom Export Promotion CouncilConfederation of Indian Textile IndustrySilk Association of IndiaThe Clothing Manufacturers Association of IndiaAssociation of Man-Made Fibre Industry of IndiaThe South India Hosiery Manufacturers AssociationApparel Exporters and Manufacturers AssociationIndian Polyurethane AssociationIndia Woolen Mills FederationPDEXCILWool and Woollen Export Promotion Council
4.SteelIndian Steel Association (ISA)Indian Stainless Steel Development Association (ISSDA)Alloy Steel Producers Association(ASPA)Indian Ferro Alloy Producers’ Association(IFAPA)EEPC IndiaFICCICII
5.CopperIndian Primary Copper Producers Association (IPCPA)EEPC India Indian Electrical & Electronics Manufacturers Association (IEEMA)Indian Non-Ferrous Metals Manufacturers Association (INFMMA)Bombay Metal Exchange Ltd.
6.AluminiumAluminium Association of India (AAI)Aluminium Secondary Manufacturers Association (ASMA)Aluminium Casters’ Association (ALUCAST)Indian Electrical & Electronics Manufacturers Association (IEEMA)EEPC IndiaBombay Metal Exchange Ltd.FICCICII


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