London, July 24: Union Commerce and Trade Minister Piyush Goyal on Thursday said discussions are underway to improve trade relations with several countries, as India signed a landmark Free Trade Agreement (FTA) with the UK, opening billions of dollars worth of opportunities for both countries.

Speaking to IANS here, Goyal said, “Very good talks are going on with New Zealand, Oman, Chile, Peru, and the European Union.

“And on the bilateral trade agreement (BTA), good discussions are also underway with the United States. I firmly believe that all these negotiations will lead to positive outcomes,” the Commerce Minister emphasised.

Goyal said last week that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will officially come into effect on October 1, which would facilitate the creation of 1 million direct jobs in India.

Meanwhile, negotiations with the US are ongoing. India and the US teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington, DC.

Goyal hailed the India-UK comprehensive economic and trade agreement (CETA) as a ‘historic leap’ that will empower workers, farmers, MSMEs and startups across the country.

"This deal will transform the lives of artisans, weavers, and daily-wage earners employed in sectors such as textiles, leather, footwear, gems and jewellery, toys, and marine products," Goyal said.

"From village looms to tech labs, this FTA empowers women through improved financial access and deeper global integration," he added.

Agriculture is another big winner under the deal, with nearly 95 per cent of Indian farm products gaining duty-free access to the UK.

Fisherfolk, too, will benefit from zero duty on 99 per cent of marine exports. Goyal stressed that the agreement supports "inclusive and gender-equitable growth", helping create a more resilient economy from the grassroots up.

The agreement also opens doors for Indian startups, providing them access to UK investors and innovation hubs, thereby expanding their global footprint. (IANS)

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