Commerce and Industry Minister Piyush Goyal recently outlined the ministry’s accomplishments, which included advancements in trade agreements, innovation recognition, and export promotion initiatives. Celebrating two years of the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal mentioned Iceland’s $30 million investment in Maharashtra’s fisheries sector under the pact. This agreement entails a $100 billion investment commitment over 15 years, potentially generating 1 million direct jobs.
The National Intellectual Property (IP) Awards were conferred to acknowledge the contributions of scientists, innovators, MSMEs, entrepreneurs, and academic institutions like IITs for propelling India’s innovation-driven progress. Recognizing women entrepreneurs, Goyal highlighted the recognition of 11 women MSME leaders with the FICCI FLO National MSME Awards for their outstanding performance. With approximately 65% of developed markets covered by India’s free trade agreements (FTAs), local manufacturers are increasingly well-positioned to integrate into global supply chains.
Furthermore, discussions were held with the Consultative Committee on Promotion of Export of Marine Products to enhance value addition, boost global competitiveness, strengthen infrastructure, and ensure better compliance standards. Notably, the first shipment of 25 metric tonnes of GI-tagged Joha rice from Assam was exported to the United Kingdom and Italy. Previously, Joha rice had been exported to Vietnam and five Middle Eastern countries.
In a recent conversation with Patrik Jonsson, Executive Vice President and President of Lilly International, USA, Goyal deliberated on India’s growth, Eli Lilly and Company’s expanding operations and investments in India, and strategies to bolster ‘Make in India for the world.’ Additionally, a virtual interaction with Harry Theoharis, Deputy Minister of Foreign Affairs, Greece, centered on further enhancing India-Greece cooperation in trade, investment, tourism, maritime connectivity, and other mutual interest areas.
