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FTA with Japan, Korea also to be reviewed: Piyush Goyal

UNI India-English 2019-09-11 22:28:23

New Delhi, Sep 11 (UNI) Union Commerce and Industry Minister Piyush Goyal said on Wednesday that Free Trade Agreement with Japan and Korea will also be reviewed after India managed to push 10 ASEAN countries to review the bilateral FTA to make it "more India-friendly".
'We have requested Japan and Korea that FTA with these countries should also be reviewed,' said Mr Goyal in a press conference here.
India, under Prime Minister Narendra Modi, has been seeking to renegotiate the terms of the FTA as there's no review or exit clause in it, he said.

The FTA was implemented during the UPA regime in January 2010.
Mr Goyal said there was no provision for automatic review of FTA when bilaterals were held in 2010 with Japan, Korea and Asean Countries.
He maintained that Asean-India FTA should have been reviewed 2011-12 in the UPA regime and pointed out that Prime Minister Modi has been working for country's progress to ensure that national interest is at the peg of every step taken.
Mr Goyal said PM Modi's work to improve the stature of India is bearing fruits.
He said he held extensive discussions with Industry Associations on effective Trade Policy, deliberating on various trade remedial measures and ways to boost domestic industry and promote exports.
Mr Goyal held a meeting with around 100 domestic industry, manufacturers, associations of various sectors and users to discuss and provide a holistic view about regulatory instruments for the formulation and implementation of effective trade policy and development strategy.
Senior officials of various Ministries and Departments of Central Government also participated in the meeting. Ministers of State for Commerce & Industry, Hardeep Singh Puri and Som Parkash were also present during the meeting.
Mr Goyal in his address said that tariff and non-tariff measures will be used judiciously by India with an ultimate aim to enable industry to become more competitive.
He said that Departments of Commerce and DPIIT are there to balance interests of domestic consumers and industry. He said that DGTR office is being strengthened with more man power who will be properly trained to perform their duties effectively.
Regarding corruption issues that are delaying consignments, the Minister requested exporters to write directly to Secretaries of line ministries or to Commerce and Industry Ministry as the Centre is committed to ensuring a corruption free environment in each and every Ministry and Department of the Government.
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