FTAs with developed economies aimed to increase international trade: Union Minister Piyush Goyal

 
Commerce and Industry Minister Piyush Goyal has said that India’s Free Trade Agreements with developed economies are aimed at supporting growth, attracting investments, promoting innovation, creating jobs and increasing the country’s participation in international trade. He said this while addressing the closing session of the 5th Annual Meeting of India Global Innovation Connect in New Delhi. The Minister said that India and Switzerland share a special relationship and noted that the Trade and Economic Partnership Agreement (TEPA) signed between India and the European Free Trade Association (EFTA) countries has created a strong framework for trade, investment and innovation-led partnerships. Referring to the EFTA agreement, Mr Goyal said that Switzerland, Norway, Liechtenstein and Iceland have committed to bring 100 billion dollars of investment into India over a period of 15 years and support the creation of one million direct jobs.
He said that India’s youthful talent, competitive costs and growing market with the capital, technology and expertise available in developed economies create mutually beneficial opportunities for India and the partnering countries. The Minister highlighted that India has entered into nine FTAs over the last three to three-and-a-half years, covering 38 countries. He said, these agreements provide India access to new markets, facilitate collaboration in emerging technologies and enable greater integration into global value chains while creating opportunities for investment and employment generation.
On the power sector, Mr Goyal said that India today has a unified national grid of over 500 gigawatts. He said that the unified grid has improved stability, facilitated greater efficiency and enabled the integration of substantial renewable energy capacity. The Minister stated that more than 50 per cent of India’s installed electricity capacity now comes from renewable energy sources. He also noted that India achieved its Intended Nationally Determined Contributions under the Paris Agreement ahead of schedule and ranks among the leading performers on climate commitments within the G20.
Addressing the issue of innovation and research, he acknowledged that India must invest more deeply in building an innovation culture. Mr Goyal informed that the Government’s research and development innovation fund of approximately 1 lakh crore rupees has recently begun operationalisation and that the first set of projects under the initiative has already been approved. 
On International trade, the Minister said that India welcomes all companies that manufacture in the country and contribute to employment and economic growth. He emphasized that the Government seeks to provide a level playing field to both Indian and foreign enterprises and encourages companies to use India as a base for serving both domestic and international markets.