European Union FTA may take longer: Union commerce minister Piyush Goyal

Union commerce minister Piyush Goyal on Friday said a free trade agreement with the European Union (EU) will take longer as negotiations with the 27-country bloc will be prolonged. Active negotiations for the FTAs (free trade agreements) are ongoing with two-three countries and the EU, Goyal said speaking at the Technotex event organised by Ficci.

He said there will soon be some “good news”, the pact with the EU may take longer.

“EU will take a longer time, because there are 27 countries which have to come on the same page,” the minister said.

Last year, India signed FTAs with Australia and UAE. Reports had suggested that the country is in talks with other countries including the UK, Israel and Canada. Goyal said the government is mulling to come out with a production linked incentive scheme for the finished goods sector.

He said the government has received applications for only ₹250 crore for research and development purposes in textiles, despite allocating ₹1,400 crore fund for the same under the technical textiles research mission, and urged the industry to up its efforts. -PTI