Tieups with higher per capita income nations beneficial to all: Piyush Goyal

New Delhi: Partnerships between India and countries with higher per capita income create mutually beneficial opportunities, commerce and industry minister Piyush Goyal said Thursday. Speaking at the closing session of the 5th annual meeting of India Global Innovation, he said this approach combines India's youthful talent, competitive costs and growing market with the capital, technology and expertise available in developed economies.

India has entered into nine free trade agreements over last three to three-and-a-half years, covering 38 countries. These partner countries have significantly higher per capita incomes than India, Goyal said, adding cost of production and research and development in developed economies has risen significantly, affecting the competitiveness of goods and services produced there.

"This provides India access to new markets, facilitate collaboration in emerging technologies and enable greater integration into global value chains while creating opportunities for investment and employment generation," the minister added.


Goyal highlighted that many of these countries possess large pools of capital, seeking productive investment opportunities. "Our rapidly growing economy and large domestic market of 1.4 billion aspirational consumers, offers a compelling destination for such investments," he added.

The minister noted Trade and Economic Partnership Agreement signed between India and the European Free Trade Association countries has created a strong framework for trade, investment and innovation-led partnerships. He said the agreement provides an important platform for Swiss and Indian companies to build long-term partnerships that will benefit both countries.