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The Commerce and Industry Minister Piyush Goyal called on Indian businesses to embrace "economic nationalism" by supporting domestic suppliers rather than opting for marginally cheaper imports.
Speaking at FICCI's 98th Foundation Day celebrations in Mumbai on Monday, Goyal invoked Mahatma Gandhi's nationalist ethos, urging India's industrial leaders to prioritise domestic value chains even when foreign alternatives appear more economical in the short term. He cited examples of Japan and Korea, where despite free trade agreements, domestic industries consistently support local suppliers as a matter of "collective conscience." The Minister's comments come as India positions itself as a viable manufacturing alternative amidst shifting global trade patterns. He emphasised that despite geopolitical volatility, India presents an attractive proposition with its rule of law, non- discrimination policies, and domestic market of 1.4 billion consumers. The Union Minister revealed that the European Free Trade Association has committed to bringing technology and investing USD 100 billion in India.According to the government, India and the European Union are close to finalising Free Trade Agreements, with negotiations progressing strongly. On February 28, Prime Minister Narendra Modi praised the partnership between India and the European Union, terming the strategic partnership between them as "organic and natural." FTAs are an agreement between two or more countries to lower or do away with trade restrictions such as tariffs and quotas in order to encourage the free movement of goods and services between the parties and foster economic cooperation. He also highlighted progress on trade agreements with Australia, EU, UK, US, Chile, and Peru. He urged the domestic industry to leverage FTAs. In addition to the FTAs, Goyal, last month, said that the India and United States held trade talks in New Delhi as part of efforts to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. "Let's all collectively resolve that in the next few years, we'll be investing in taking India to the world. We'll be investing in making India the best in the world," Goyal concluded. (ANI)
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