India To Start Talks for a New FTA: Goyal

According to Commerce and Industry Minister Piyush Goyal, India will begin negotiations for a free trade agreement (FTA) with the region by the end of November.

He said negotiations were ongoing with a number of countries, including the UK, the European Union, Canada, and Israel.

The region still stands as a mystery, and there is speculation that the talks may begin with the Gulf Cooperation Council (GGC).

The GGC is a union of six countries in the Gulf region: Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.

India implemented a free trade pact with the UAE in May this year.

After getting into an FTA, two countries or regions eliminate or significantly reduce customs duties on various goods traded between them. Above this, they also ease norms to promote trade and investments.

Goyal also believes that the country’s economy can reach $30 trillion by 2047, and if things perform “slightly better,”  they may reach $49 trillion.

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