Piyush Goyal, the minister of commerce and industry, expressed optimism on Saturday that traders would soon be able to settle international trade in rupees as several foreign banks are opening special Vostro accounts with Indian banks.

The Reserve Bank of India (RBI) has granted 60 petitions from correspondent banks in 18 nations, including the UK, Singapore, and New Zealand, to open Special Rupee Vostro Accounts (SRVAs). He stated that the central bank is having conversations on this with its counterparts in various countries. Goyal told reporters here: “We will soon see operationalization of this rupee trading in international trade with various countries. A free trade deal (FTA) with industrialised nations including the European Union, the United Kingdom, and Canada is now being negotiated, he added. have reached “advanced” phases.

Other organisations eager to begin negotiations for comparable agreements with India include the Gulf Cooperation Council (GCC), the Eurasian Economic Union (EAEU), and the European Free Trade Association (EFTA).The minister declared, “The entire globe wants to establish a comprehensive economic partnership agreement with India.

He stated that there had been considerable stakeholder discussions on the second phase of the production-linked incentive plan for the textiles sector.