The European Union (EU) and the United States will negotiate a free trade agreement over a longer period of time, according to Piyush Goyal, minister of commerce for the Union.
Speaking at the Technotex event here, which was organised by the industry organisation Ficci, Goyal said that active discussions for the FTAs (free trade agreements) are currently taking place with two to three nations and the EU. Because there are 27 countries involved, the minister predicted that the EU will take longer to complete.
India inked free trade agreements with Australia and the United Arab Emirates last year. According to reports, the nation is in contact with the UK, Israel, and Canada, among other nations.Goyal claimed that the government is considering introducing a production-linked incentive programme for the completed goods industry, but did not go into further detail.
Despite providing Rs 1,400 crore under the technical textiles research project, he said that the government had only received proposals for Rs 250 crore in funding for textile research and development. He asked the industry to increase its efforts.The minister emphasised the enormous potential of the technology or man-made textiles industry and urged the sector to raise investments because the Indian market will grow more quickly than the present 10–12%. Goyal urged attendees to place more emphasis on exports and suggested that the USD 22 billion business aim to be worth USD 125 billion by 2047. claiming that the sector has neglected skill development in recent years
