Highlighting how the recently concluded India-UK Comprehensive Economic and Trade Agreement (CETA) would empower Indian small businesses, farmers, and artisans, Union Minister for Commerce and Industry Piyush Goyal on Saturday said India, under the leadership of Prime Minister Narendra Modi, is entering into agreements with developed nations—unlike the Congress-led governments that generally signed treaties with less significant countries.
Addressing a press conference at the BJP headquarters, the Union Minister praised the treaty signed between India and the UK in the presence of their prime ministers, calling it mutually beneficial.
“The Free Trade Agreement between the two nations will benefit different stakeholders in both countries. In India, it will guarantee consumers access to high-quality products at competitive prices, while expanding the global reach of Indian goods and services,” the minister said.
At the same time, Goyal criticized previous Congress-led governments, saying they tended to sign agreements with less influential countries, unlike the present government, which is forging deals with developed nations.
“Till date, this is the biggest FTA that India has signed on its own terms,” Goyal asserted. “It’s a win-win situation for India and the UK. Earlier, such deals would not have materialized.”
Speaking about the benefits for farmers, those in the fisheries sector, and MSMEs, the Union Minister said that even a simple product like Kolhapuri chappals could generate business worth crores under this trade deal.
“I personally believe Kolhapuri chappals alone will generate business worth ₹8 to ₹10 crore,” he said, adding that he has personally used them for a long time due to their quality.
The minister further stated that Prime Minister Modi, while finalizing the agreement, ensured that the interests of Indian farmers and service providers were safeguarded.
“The India-UK Comprehensive CETA is a stellar example of how New India conducts business,” he said.
“By empowering our farmers, fisherfolk, MSMEs, service professionals, and artisans, this comprehensive trade deal will open new opportunities, enabling Indian goods, driven by quality and excellence, to achieve greater success in the UK market,” Goyal added.
Responding to a query on trade issues with the US, the minister said the matter is being looked into, clarifying that India does not believe in any business-related confrontations with any country.