National interest cannot be compromised to meet trade agreement deadlines: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has emphasized that national interest cannot be compromised just to meet trade agreement deadlines.

The Minister said, trade agreements should be win-win for both sides. Mr Goyal was speaking at the 9th Global Technology Summit in New Delhi yesterday, where he highlighted the opportunities that lie ahead for India in reshaping global trade, especially with trusted partners such as the United States.

Speaking on Free Trade agreements, the Minister stated that while timelines are aspirational, national interest cannot be compromised to meet trade agreement deadlines, asserting that it must be equitable, fair, and mutually beneficial.

India is currently working on trade agreements with many countries and blocs of nations, including with the European Union, the United Kingdom, and the United States.

On Free Trade Agreement with EU, Mr Goyal acknowledged progress but pointed out challenges, especially around non-trade issues being linked with climate regulations. He said, Europe must reconsider the non-tariff barriers it has created. He warned that these are becoming trade hurdles not just for India but for the global economy.

The Minister highlighted that India’s current tariff protection measures are directed mainly at non-market economies that engage in unfair trade practices. He added that India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play.

Mr Goyal refuted concerns about external pressure on India’s trade decisions. He said, there is no pressure and India being in a position of such opportunity is in itself very exciting. He said, while country’s exports at present form a relatively small share of its GDP,



India’s strong domestic market and aspirational youth are ready to take Indian industry global.

The Minister stated that India offers unparalleled trade and investment opportunities. Calling the country the fastest-growing large economy in the world, Mr Goyal said, in the next two to two-and-a-half decades, India will grow eight times, supported by the aspirations of 1.4 billion Indians. He said, this creates a massive domestic demand and offers the benefits of scale that are being recognised globally.

On China, Mr Goyal affirmed that India will always put its interests first. He said, at present there is little Foreign Direct Investment from China, and historically as well, Chinese investments have been minimal. The Minister said, India’s efforts are focused on integrating with developed economies that adhere to honest business practices. He reiterated that India’s decision not to join the Regional Comprehensive Economic Partnership (RCEP) in 2019 has been vindicated by current global trends.

On the global trading order, the Minister Goyal stated that the world cannot be viewed through a single lens. He said, while developed nations enjoy prosperity, developing and least-developed countries must be given time and support to catch up. He asserted that the World Trade Organization (WTO) must recognise this and evolve accordingly.

The Minister said that India remains committed to multilateralism, however, reforms at the WTO are essential. He cited the need to reassess the definition of “developing countries” and called for clarity on e-commerce rules, agriculture decisions, and fisheries negotiations. He added that unless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance.