Summary:

At the India Global Innovation Connect summit, Union Minister Piyush Goyal emphasised India's approach to fortifying economic connections with developed countries through Free Trade Agreements (FTAs). FTAs, he said, encourage employment, commerce, investment, innovation, and integration into global value networks. Partner countries have pledged US$100 billion in investments and support for one million direct employment over a 15-year period under the Trade and Economic Partnership Agreement with EFTA countries—Switzerland, Norway, Liechtenstein, and Iceland. In recent years, India has expanded its market access and technological alliances by signing nine free trade agreements (FTAs) with 38 countries. India's standing as a competitive international investment and manufacturing destination is being further strengthened by ongoing reforms, infrastructural development, the expansion of renewable energy, and a Rs. 1 lakh crore R&D innovation fund.

Source: IBEF

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