The country is rapidly progressing in finalising free-trade agreements (FTAs) with several nations, including the UK and the UAE, Union commerce minister Piyush Goyal said on Saturday.

Foreign fund inflows have risen more than two-fold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business, an official statement said.

“We are fast progressing in our discussions with the UK, the UAE and other GCC (Gulf Cooperation Council) countries. Canada and Australia are really on a fast track,” Goyal said while addressing the JITO Trade Mahakumbh.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.