India?s strategy of entering into FTAs with developed economies is designed to support country?s long-term growth ambition

Union Minister of Commerce and Industry Piyush Goyal has said that India?s strategy of entering into Free Trade Agreements (FTAs) with developed economies is designed to support the country?s long-term growth ambitions by expanding global engagement, attracting investments, promoting innovation, creating jobs, upgrading quality standards and increasing India?s participation in international trade. The Minister noted that India?s engagement with developed economies is based on complementarity rather than competition. Referring to Europe, the United States, Canada, Israel, the Gulf countries, Australia and New Zealand, he noted that these economies have significantly higher per capita incomes than India and are facing demographic challenges due to ageing populations. India, on the other hand, continues to benefit from a young workforce, with an average age below 30 years and an expected demographic advantage over the next three decades.

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