India to gain preferential access to 38 developed nations through FTAs
Union Minister Piyush Goyal announced that India is set to gain preferential access to 38 developed nations, covering two-thirds of global trade and GDP, through various Free Trade Agreements (FTAs). The U.K. FTA is expected to be operational by May 1, while agreements with Switzerland, Norway, Liechtenstein, and Iceland came into effect in October. The Oman FTA is anticipated by June, and a deal with New Zealand by January next year. Goyal highlighted that these FTAs would significantly boost job creation and production, citing Tirupur's potential to double business. India is also open to Chinese investment in desirable sectors with technology transfer.
Key Points
- India is poised to secure preferential market access to 38 developed nations through a series of Free Trade Agreements (FTAs).
- The U.K. FTA is expected to be operational by May 1, with other agreements already in effect or soon to be.
- These FTAs are projected to cover two-thirds of global trade and GDP, significantly boosting India's economic growth and job creation.
- Union Minister Piyush Goyal cited Tirupur as an example of potential job and production growth due to these agreements.
- India is open to Chinese investment in specific sectors, provided it includes technology transfer.
Exam Facts
- U.K. FTA operational by: May 1.
- FTAs with Switzerland, Norway, Liechtenstein, Iceland operational by: October.
- Oman FTA operational by: June 1.
- Total developed nations for preferential access: 38.
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