Goyal Urges Exporters to Utilize FTAs; US, EU Trade Talks Discussed

New Delhi, May 27 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday discussed a host of issues, including ongoing trade talks with the US and EU, in a meeting with exporters and urged them to increase the utilisation of free trade agreements (FTAs), industry officials said.

The minister also stated that support could be provided to exporters to deal with European Union (EU) regulations like Digital Product Passport (DPP), they said.

The other issues that figured in the deliberations held by Goyal with exporters include the proposed centralised exporters portal, and ways to further boost exports of services and value-added goods.

One of the industry officials, who attended the meeting, said that the commerce ministry informed the exporters that about 9-10 FTAs are in the pipeline including with countries such as Chile and New Zealand.

The talks for a trade pact with the EU would get an impetus as Goyal is expected to visit Italy, and France in the first week of June. He may also visit Switzerland in the second week of the next month.

India and the four-nation European bloc EFTA signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

Another exporter said that they flagged concerns over EU regulations such as EUDR (EU Deforestation Regulation), CBAM (Carbon Border Adjustment Mechanism), ESPR (Eco Design Sustainable Product Regulation) as it would increase their compliance cost to export goods to the 27-nation bloc.

"The minister assured that labour-intensive sectors such as leather, plastics, and textiles would get greater market access in FTA partner countries, and Indian exporters should gear up to tap into that opportunity," the officials added.

Exporters were informed that an early harvest trade deal with the EU is progressing at a faster pace and it may be concluded soon, they said.

Commerce ministry officials, representatives from different export promotion councils and industry chambers participated in the meeting.