The union minister for Commerce Industry Piyush Goyal said on Friday that the central government is working on the possibility of an India Mart in Dubai along with the free trade agreement FTA with the UAE.
At the annual convention of the Federation of Indian Chambers of Commerce Industry FICCI Goyal stated that the world looks at India as a trusted partner and they realise that they can bank on the country.
The pact was officially launched in September by India and the United Arab Emirates UAE, which is India's third largest trading partner after China and the US with trade estimated at $43 billion last year.
After the trade pact announcement, Goyal said that the agreement holds huge potential for both countries to boost trade and investment and the investors here are very positive about doing business in the Indian market.
Goyal said the $400 billion merchandise exports look to be a reality this year, on the exports front. He said that there was a trillion-dollar opportunity waiting for us in the textiles sector because of the fact that our exports are showing nearly 40 per cent growth.
In April-November 2021, India's merchandise exports rose by 50.71 per cent over $174.15 billion, an increase of 50.71 per cent over the previous financial year, according to a preliminary trade data. Imports increased by 75.39 per cent to $384.44 billion during April-November 2021.
Goyal also referred to Indian governance under prime minister Narendra Modi, saying that governance model we are promoting in India focus on the highest level of integrity, minimum government and maximum governance and making lives easy for the common man. He said that the government is willing to listen to new ideas and work as a partner. I am sure that good times are ahead. Things can be done when industry works together, according to Goyal at the annual convention of the FICCI.