Latest news with #Goyal
Deccan Herald
3 hours ago
- Politics
- Deccan Herald
Piyush Goyal should be 'prioritising strengthening' trade relations with partner countries: Congress
Senior leader Anand Sharma said Goyal has forgotten that Indonesian President Prabowo Subianto was the chief guest for the 2025 Republic Day Parade.
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First Post
4 hours ago
- Business
- First Post
Asean is China's B-team, India has no interest in having a trade deal with them: Piyush Goyal
At a time when India is engaged in multiple trade negotiations, Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has called the trade deal with the bloc 'silly'. read more Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has dubbed trade deals with them as 'silly'. Goyal's remarks have come at a time when India is holding trade negotiations with various countries and blocs, such as the United States, European Union (EU), Australia, and New Zealand. In recent time, India has signed trade deals with the United Kingdom and United Arab Emirates (UAE). Speaking at the India Global Forum in the UK, Goyal said in an apparent swipe at the previous Congress-led government that India was 'more focused on doing trade agreements with countries who were our competitors' instead of building complementary partnerships, according to NDTV Profit. STORY CONTINUES BELOW THIS AD Goyal called such an approach 'silly'. He included the India-Asean trade agreement among such deals and said members of the Association of Southeast Asian Nations bloc were 'B-team of China'. 'If I do an ASEAN agreement with Indonesia, Malaysia, Thailand, Vietnam, Cambodia, Laos, it really is silly, because I'm opening up my market to my competitors,' said Goyal. In an apparent reference to the issue of China manipulating country of origin norms by routing its goods via Asean countries, Goyal said that the bloc had become the 'B-Team of China'. Goyal further said, 'Instead of that, we're focusing on Australia and New Zealand, which will take another three to four months.' India and Asean signed the ASEAN–India Free Trade Area (AIFTA) in 2010. While the agreement led to the increase in trade by volume, the balance of trade remains heavily in favour of Asean countries. Coupled with the issue of China gaming the trade pact, the AIFTA has often drawn criticism about not being as beneficial to India as envisioned. Besides the United States, EU, Australia, and New Zealand, India is currently also negotiating trade deals with the trading bloc European Free Trade Association (EFTA), which comprises Iceland, Norway, Liechtenstein, Switzerland. India is also holding trade talks with Chile and Peru.
Hindustan Times
7 hours ago
- Business
- Hindustan Times
India-UK FTA clears path for Indian talent in UK: Piyush Goyal
NEW DELHI: The recently concluded free trade agreement (FTA) between India and the United Kingdom would facilitate smooth mobility of skilled professionals across sectors, Union commerce minister Piyush Goyal said at the India Global Forum (IGF) 2025 in London. The minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership while delivering the keynote address at the India Global Forum's (IGF) plenary session — From Agreement to Action: The UK-India FTA, a commerce ministry statement said on Thursday. There he was joined in conversation by UK secretary of state for business and trade Jonathan Reynolds with moderation by journalist Mark Barton, the statement added. India and the UK successfully concluded FTA negotiations on May 6 where business mobility was one of the key demands of New Delhi. The deal is currently undergoing legal scrubbing before being formally passed by the respective authorities of the two countries. Summarising key benefits of the deal on the following day, global consultancy firm EY said that it would ease mobility for professionals, including contractual service suppliers, business visitors, investors, intra-corporate transferees, and independent professionals like yoga instructors, musicians, and chefs, offering greater global mobility for aspirational young Indians. Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade, but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests, the statement said. The minister is on a high-level visit to the UK from June 18 to 19. Outlining the next phase of implementation, he highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for small and medium enterprises (SMEs) and startups, and facilitating smooth mobility of skilled professionals across sectors, it added. The minister also participated in a special session on 'UK–India Science, Technology and Innovation Collaboration' at the Science Museum in London on Thursday. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, production-linked incentive schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries, it said. 'Trade deals with competitors silly' Goyal said that 15 years ago, before his party's government came to power, India was 'more focused on doing trade agreements with countries that are our competitors'. 'It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India'.
Business Standard
9 hours ago
- Business
- Business Standard
Piyush Goyal highlights India's strategic global outlook and economic leadership at India Global Forum 2025
The Union Minister of Commerce & Industry, Piyush Goyal showcased India's strategic global outlook and economic leadership at the India Global Forum (IGF) 2025 in London yesterday. Delivering the keynote address at the IGF Mainstage Plenary Session titled "From Agreement to Action: The UK-India FTA," the Union Minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership. He was joined in conversation by the UK Secretary of State for Business and Trade, Jonathan Reynolds, with moderation by international journalist Mark Barton. Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade, but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests. Outlining the next phase of implementation, Goyal highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for SMEs and startups, and facilitating smooth mobility of skilled professionals across sectors. On June 19th, the Union Minister participated in a special session on "UK-India Science, Technology and Innovation Collaboration" at the Science Museum in London. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, PLI schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries. The Free Trade Agreement's role in deepening cooperation in critical technologies, defence production, and advanced manufacturing was also highlighted.
Time of India
13 hours ago
- Business
- Time of India
'Trade deals to complement, not compete'
AI generated image LONDON: India is in trade talks with countries with whom it doesn't compete but can complement the economies involved, commerce and industry minister Piyush Goyal said. Addressing an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, the minister elaborated on the opportunities that trade deals open up - bilaterally and to the wider global economy. "Our focus is on entering into robust trade agreements with developed world," said Goyal, pointing to the UK-India FTA and deals concluded with Australia, UAE and European Free Trade Association. agencies Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
