Legal Scrubbing of India-EU FTA to Be Completed in 20 Days
Commerce and Industry Minister Piyush Goyal announced on Monday that the legal scrubbing of the free trade agreement (FTA) text between India and the European Union is expected to be finalized within the next 15 to 20 days. Goyal stated that he had a very productive conversation with his EU counterpart in Brussels and that both sides are working collaboratively to complete this process.
Goyal to Meet EU Counterpart in Mid-July
The minister revealed that he is scheduled to meet his EU counterpart on July 14 and 15 in Brussels to further advance the negotiations. The legal scrubbing involves a detailed review of the FTA text to ensure legal accuracy and consistency before finalization.
Call to Leather and Footwear Industry for Export Growth
Addressing the Council for Leather Exports National Export Excellence Awards for 2024-25 in New Delhi, Goyal urged the leather and footwear industry to target at least $15 billion in exports over the next five to six years. He emphasized that the sector should aim for a three-fold increase in its export performance by leveraging new free trade agreements that help diversify markets and strengthen quality, design, branding, sustainability, and scale.
“If I was in your shoes, or in your leather shoes, if I may say so, I would not aspire for anything less than a 3x outcome in the next five to seven years,” Goyal said, according to a statement from the ministry.
Potential for Transformation in Leather Sector
The minister highlighted the potential for tremendous transformation in the leather and footwear sector. He urged industry players to capitalize on the opportunities presented by FTAs to expand their global footprint and enhance competitiveness. The sector currently exports around $5 billion annually, and the target of $15 billion would represent a significant leap.
