FTAs with countries to help provide greater market access to domestic goods: Commerce Minister
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Commerce and Industry Minister Piyush Goyal has said that the proposed free trade agreements (FTAs) with countries, including Australia, the UK and the UAE, are moving at a fast pace and these pacts, when implemented, would help provide greater market access to domestic goods.
Under a free trade agreement, the minister said two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.
The minister stated that when these agreements would be finalised, it would provide greater access to manufactured goods as there will be less or zero customs duties.
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