The negotiations for a free trade agreement between India and the UK would be launched next month and with Canada by March-April, commerce minister Piyush Goyal said on Friday.

“So, we are looking at new ideas along with the FTA with the UAE. We are also simultaneously in discussions with Australia... UK, we launch possibly next month. Canada we may launch by about March or April,” he said speaking at the 94th Annual Convention of industry body Ficci here.

Goyal, who also holds the textiles portfolio, said a “trillion-dollar opportunity” is waiting for the textiles industry, which is the largest job-creating sector in the country after farming. The proposed FTA between India and the UK is expected to unlock extraordinary business opportunities and generate jobs.

“All the Gulf Cooperation Countries (GCC) have approached us for starting talks on behalf of the entire GCC grouping. Opportunities will come in a big way. We will have to be more ambitious and be grasping these opportunities. There is a trillion-dollar opportunity waiting for us in the world textile market,” the minister said.

Goyal said most of the industries in the country are doing reasonably well, but still, there are few sectors that are under stress. He said in spite of certain Covid-related concerns around certain sectors, the industry has broadly redeemed itself and that merchandise exports touching $400 billion could be a reality this year, which would mean a 40 per cent annual growth.