Working on the prospect of India Mart in Dubai: Goyal at FICCI

Union Minister for Commerce & Industry Piyush Goyal on Friday said that the central government is working on the prospect of an India Mart in Dubai along with the free trade agreement (FTA) with the UAE.

Addressing the annual convention of Federation of Indian Chambers of Commerce & Industry (FICCI), Goyal stated that the world looks at India as a trusted partner today and they realise that they can bank on the country.

Earlier in September, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA). The UAE is India’s third largest trading partner after China and the US with trade estimated at $43 billion last year.

Post the trade pact announcement, Goyal had expressed that agreement holds huge potential for both the countries to boost trade and investment and the investors here are ''very'' positive about doing business in the Indian market.

Meanwhile, speaking on the exports front, Goyal said that the $400 bn merchandise exports look to be a reality this year. "Our exports are also showing nearly 40 per cent growth," he said, while adding that a trillion-dollar opportunity is awaiting us in the textiles sector.

As per a preliminary trade data, India's merchandise exports in April-November 2021 was at $262.46 billion, an increase of 50.71 per cent over $174.15 billion in the same period of the previous financial year. Imports during April-November 2021, grew by 75.39 per cent to $384.44 billion.

Furthermore, referring to the Indian governance under Prime Minister Narendra Modi, Goyal also said, "The 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 also said that the government is willing to listen to new ideas and work as a partner. "I am sure that good times are ahead."

"But the important lesson from this year has been that if we all work together, if Govt. & Industry works in tandem, things can be done," Goyal highlighted at FICCI's annual convention.