Union Commerce Minister Piyush Goyal has firmly stated that India will only engage in international trade agreements if they align with the nation’s strategic and economic interests. Speaking at an industry event hosted by a leading trade body, the minister stressed that protecting India’s interests remains the top priority in all global negotiations.
Trade talks with the US continue
Goyal confirmed that discussions with the United States are ongoing, adding that India recently concluded the fifth round of negotiations for a proposed bilateral trade agreement in Washington, D.C. These talks lasted four days and were led by Rajesh Agrawal, India’s chief negotiator and special secretary in the Department of Commerce.
“If we get a good deal, we will go ahead with it. If not, we will not. India always puts the country’s interest first,” said Goyal.
Strengthening domestic manufacturing and industry mindset
Emphasising the strength of India’s internal market, Goyal remarked that many imports could be replaced with domestic alternatives. He encouraged the development of local industries to match global quality standards.
Addressing a gathering of entrepreneurs and industry leaders, the minister stressed the need for a mindset shift, especially within the micro, small and medium enterprises (MSME) sector. He advocated for a collaborative growth model where large and small enterprises work together to scale operations and compete internationally.
“We need a change in goals, guidance and mindset. Big or small, companies have to grow together. We have to support each other and be vocal for local interests,” he said.
Urges MSMEs to flag non-tariff barriers
Goyal also urged MSMEs to report non-tariff barriers affecting their businesses. He assured that such issues can only be addressed in bilateral talks if the government is made aware of them.
“Only when you inform us can we raise these concerns during international discussions and work towards removing such barriers,” he added.
Reforms in banking under current government
Reflecting on broader economic reforms, Goyal highlighted the transformation of the banking sector since the Modi government came to power. Drawing comparisons with the previous administration, he claimed that the banking system had suffered due to rising NPAs during the UPA era.
“Today, the banking sector is performing strongly. We have brought transparency and restructured it effectively,” he said, crediting the current administration for revitalising financial institutions.