Upcoming FTAs will boost India’s exports: MoS for Commerce

April 16, 2023 12:00 am | Updated 05:42 am IST - MUMBAI

The upcoming free trade agreements (FTA) with countries would boost exports from India including those from the chemicals sector, said Minister of State for Commerce and Industry Anupriya Patel on Saturday.

“The chemicals industry is benefiting from the two FTAs that we have concluded. Now, we are proceeding with our negotiations with the U.K., the European Union, and Canada,” she said.

“By year-end, we will be able to finalise FTAs with a few more countries and they are moving in the right direction because our intention is to create more balanced FTAs which could be favourable to both the countries and provide as much global access as possible to our exporters,” she added. “So, we are quite hopeful that this year would be good for us in terms of some more FTAs being signed.”

‘Fastest-growing sector’

The Minister said that out of total exports of $770 billion achieved for FY23, the contribution of the chemicals industry is $30 billion. “The growth in chemicals export has been quite steady. It is the fastest-growing sector. In 2020-2021 it [exports] was $23 billion and for next year, it was $27 billion. Chemicals will make a huge contribution to overall exports,” she said.

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