India is no longer signing free trade agreements (FTAs) just to join a group and instead it is looking at reciprocal access, good market conditions, and fair play in trade in both goods and services, Commerce and Industry Minister Piyush Goyal said on Friday.
However, he added that FTA is a two-way traffic and industry should inculcate a greater appetite for risk taking as these pacts cannot give one-sided access for Indian goods and services alone.
India has launched negotiations for such pacts with the UAE, Australia and UK and would launch talks with Canada and GCC (Gulf Cooperation Council).
Under such agreements, two trading partners significantly reduce or eliminate import/customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services.
“India no longer signs FTAs