Union Minister for Commerce and Industry Piyush Goyal stressed that India’s free trade agreements (FTAs) will never come at the cost of national interest.
During a meeting with representatives of the Jammu-Kashmir Fruits and Vegetable Processing and Integrated Cold Chain Association (JKPICCA) in Srinagar, the minister said the government is committed to ensuring that all trade deals are reciprocal and the interests of Indian traders and manufacturers are protected.
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The meeting focused on strategies to sustain industrial development in the cold chain and agro-processing sectors, crucial for strengthening J-K’s agricultural economy and boosting exports.
“Today, I met with representatives of the Jammu-Kashmir Fruits and Vegetable Processing and Integrated Cold Chain Association (JKPICCA) in Srinagar. During this, discussions were held on strategies to sustain industrial development in the cold chain and agro-processing sectors, which are extremely important for strengthening J&K’s agricultural economy and boosting exports,” Minister Goyal wrote in a post on X.
“An FTA is signed so our local goods have duty-free access to other countries and to resolve barriers in accessing other markets. But it’s natural that an FTA will have two-way trade. It can’t be that they open their markets to our goods while we don’t,” he pointed out.
The minister emphasised that the Centre would not compromise on sensitive sectors or regional concerns while negotiating market access with foreign partners. “Traders need not worry. Whatever FTA we sign will keep the interests of Jammu & Kashmir and the entire country in mind,” he said.
He promised to work for the a reduction in the Goods and Services Tax (GST) imposed on handicrafts and handloom products to help promote the sector.
“The issue of GST levied on handicrafts and handlooms was brought to my attention by two or three system delegations. I have suggested that they submit an application regarding this matter to the Finance Ministry as well as to me so that we can explore what relief can be provided.”
“We will try to reduce the GST rate from 12 per cent to 5 per cent on these items, which would help promote the handloom and handicraft sectors — especially in Jammu & Kashmir. We will make efforts to find a way forward in this regard,” he added.