India FTA Talks with Israel, GCC Stalled by West Asia Crisis
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Piyush Goyal confirms India''s FTA talks with Israel & GCC are stalled amid West Asia crisis. Other trade pacts with Chile, Mexico, SACU, Eurasia, Mercosur continue.
New Delhi, Jun 29 (PTI) India's free trade agreement (FTA) negotiations with Israel and the six-nation GCC bloc are "temporarily stalled" at present amid the West Asia crisis, Commerce and Industry Minister Piyush Goyal said on Monday.
He, however, said active negotiations for trade pacts are underway with Chile, Mexico, the South Africa-led SACU group, the Russia-led Eurasia bloc, and Mercosur.
Talks with Canada are at a "very advanced" stage, he said at the India-Greece Business Forum in Athens.
The minister is in Athens on an official visit.
"We are currently in negotiations, off course temporarily stalled with Israel, with the six-nation GCC (Gulf Cooperation Council) bloc, but in active negotiations with Chile, Mexico, SACU (South Africa Customs Union), the Eurasia bloc, and an expanded PTA (preferential trade agreement) with Mercosur," he said.
Mercosur bloc members are Brazil, Argentina, Uruguay, and Paraguay. The Eurasian Economic Union (EAEU) comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
The SACU members are South Africa, Namibia, Botswana, Lesotho, and Eswatini. GCC is a union of six countries in the Gulf region: Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
Goyal said that India has finalised nine FTAs in the last three and a half years. These pacts cover 38 developed and prosperous countries, including the UK, EU, EFTA, Mauritius, UAA, Oman, Australia, and New Zealand.
On February 24, India and Israel started the first round of negotiations for a free trade agreement (FTA) here with the aim to further boost commercial ties and promote investments, an official had said.
On the same day, India and GCC formally announced the launch of negotiations for a trade agreement.
Talking about India-Greece trade, Goyal said that the current USD 1.3 billion bilateral trade is low and both sides should work to increase it. There is a target to double it by 2030.
He suggested four areas where companies of both countries can increase collaboration.
These areas include shipping and logistics, clean energy (Solar, wind, offshore wind, green hydrogen, and nuclear power), technology, and processed food.
He said that this relation is important as India is aiming to increase its exports to USD one trillion this fiscal from USD 863 billion in 2025-26.
"And in the next five years, we hope to touch two trillion dollars of exports," he said, adding that "Greece has a history of a great maritime nation, controlling one-fifth of global shipping capacity and a fleet of nearly six thousand vessels".
Both sides can work in shipbuilding, ship management, maritime finance, and port development.
"Technology is another promising frontier to explore cooperation in earth observation, satellite applications, space sciences," Goyal said.
He, however, said active negotiations for trade pacts are underway with Chile, Mexico, the South Africa-led SACU group, the Russia-led Eurasia bloc, and Mercosur.
Talks with Canada are at a "very advanced" stage, he said at the India-Greece Business Forum in Athens.
The minister is in Athens on an official visit.
"We are currently in negotiations, off course temporarily stalled with Israel, with the six-nation GCC (Gulf Cooperation Council) bloc, but in active negotiations with Chile, Mexico, SACU (South Africa Customs Union), the Eurasia bloc, and an expanded PTA (preferential trade agreement) with Mercosur," he said.
Mercosur bloc members are Brazil, Argentina, Uruguay, and Paraguay. The Eurasian Economic Union (EAEU) comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
The SACU members are South Africa, Namibia, Botswana, Lesotho, and Eswatini. GCC is a union of six countries in the Gulf region: Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
Goyal said that India has finalised nine FTAs in the last three and a half years. These pacts cover 38 developed and prosperous countries, including the UK, EU, EFTA, Mauritius, UAA, Oman, Australia, and New Zealand.
On February 24, India and Israel started the first round of negotiations for a free trade agreement (FTA) here with the aim to further boost commercial ties and promote investments, an official had said.
On the same day, India and GCC formally announced the launch of negotiations for a trade agreement.
Talking about India-Greece trade, Goyal said that the current USD 1.3 billion bilateral trade is low and both sides should work to increase it. There is a target to double it by 2030.
He suggested four areas where companies of both countries can increase collaboration.
These areas include shipping and logistics, clean energy (Solar, wind, offshore wind, green hydrogen, and nuclear power), technology, and processed food.
He said that this relation is important as India is aiming to increase its exports to USD one trillion this fiscal from USD 863 billion in 2025-26.
"And in the next five years, we hope to touch two trillion dollars of exports," he said, adding that "Greece has a history of a great maritime nation, controlling one-fifth of global shipping capacity and a fleet of nearly six thousand vessels".
Both sides can work in shipbuilding, ship management, maritime finance, and port development.
"Technology is another promising frontier to explore cooperation in earth observation, satellite applications, space sciences," Goyal said.
