India negotiates trade, investment agreements with fairness, open mind: Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India negotiates trade and investment agreements with fairness and open mind and takes care of the interest of people.

He also said countries that are negotiating Free Trade Agreements (FTAs) and investment pacts with India should keep in mind that New Delhi offers a huge market to them in terms of demand and business opportunities.

"I can assure you that India negotiates with fairness, with an open mind... India also takes care of its wider and larger interest in the long run," he said at the CII India-Europe conclave.

FTAs or Bilateral Investment Treaties (BITs), or agreements on geographical indications, will have to stand the test of fair, equitable, and balanced agreements as the level of economic developments varies, he said.

"We will have to respect the very different opportunities that are offered by India vis-a-vis the offer on the table from other countries," he said, adding that India is one of the fastest growing economies of the world.

The young population, demand for goods and services, opens up huge opportunities for businesses across the globe, the minister added. The remarks assume significance as India is negotiating such agreements with countries such as the UK, Oman, and the European Union.

Speaking at the conclave, the UK's minister Lord Ahmad of Wimbledon said that British businesses are major investors in India and bilateral trade is growing between the two countries. He also said the two nations are working on an ambitious free trade agreement and bilateral investment treaty.

"This will boost our trading partnership further... And (would) show the world that India and the UK are serious about trade and very much committed to prosperity at a global level," Ahmad said adding huge business opportunities are there for Indian firms in the UK.

With the negotiations for the proposed India-UK free trade agreement reaching its last leg, a high-level Indian official delegation is in London to iron out the differences on remaining issues.

India and the UK launched the talks for a FTA in January 2022. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

Tobias Lindner, Minister of State at the Federal Foreign Office, Germany, said the India-EU free trade agreement holds immense potential to amplify trade and foster trade-economic integration.

He added that the agreement would benefit private sector investments in Indian manufacturing and services sectors and provide access to Indian businesses to the world's largest single market.

The seventh round of India-European Union talks is underway here. In June 2022, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of over eight years.