Latest News | India Fine Tuning FTAs with Various Nations to Suit Domestic Industry: Prasada
Get latest articles and stories on Latest News at LatestLY. India is revising FTAs with South Korea, Malaysia and various other ASEAN countries to benefit the domestic industries, Union Minister of State for Ministry of Commerce and Industry Jitin Prasada said on Monday.
New Delhi, Sep 9 (PTI) India is revising FTAs with South Korea, Malaysia and various other ASEAN countries to benefit the domestic industries, Union Minister of State for Ministry of Commerce and Industry Jitin Prasada said on Monday.
At the 64th annual session of ACMA (Automotive Component Manufacturers Association) here, he noted that the free trade agreements (FTAs) with the UK and the European Union are being spearheaded by Prime Minister Narendra Modi.
"It will play a great role for the auto components industry," the minister said.
He further said: "We are also revising and reworking our FTAs with Korea, with Malaysia, with ASEAN countries, which will be fine-tuned to the demands of our industry."
Prasada also urged the auto components industry to increase investment in R&D activities.
"We are not investing enough in R&D, I believe this is 1 per cent of the revenue that is being invested so this is very crucial," he noted.
He also emphasised the importance of boosting exports, reducing import dependence and ensuring growth.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)