Mumbai– Union Commerce and Industry Minister Piyush Goyal on Saturday reaffirmed that India will enter into international trade agreements only when they align with the country’s broader strategic and economic interests.
Speaking at an event organized by industry body Assocham, Goyal said, “India always puts the country’s interest first. If we get a good trade deal, we will go ahead with it. If it doesn’t happen, we will not do it.”
Goyal confirmed that negotiations with the United States are currently underway, with the fifth round of discussions for the proposed Bilateral Trade Agreement (BTA) recently concluded in Washington, D.C. The Indian delegation was led by Rajesh Agrawal, Special Secretary in the Department of Commerce.
Highlighting India’s growing domestic potential, the minister stated, “We have huge domestic demand. Imports coming into the country can be replaced by developing domestic industries that can scale and produce high-quality goods.”
Addressing entrepreneurs and industry leaders, Goyal emphasized a transformational shift in mindset—especially within the MSME sector. “We need a change in goals, guidance, and mindset. Big or small, companies must grow together. We have to support each other and be vocal for local interests,” he said.
He called on MSMEs to focus on research, innovation, quality, and expansion to enhance global competitiveness, while also urging stakeholders to flag non-tariff barriers impacting their exports. “Only when you inform us can we take up these issues in bilateral talks and work toward resolving them,” he said.
Reflecting on macroeconomic stability, Goyal drew a comparison between the current state of the banking sector and its condition during the UPA government era. “Back then, the banking system was in shambles due to rising NPAs. Under PM Narendra Modi’s leadership, we have restructured it transparently. Today, the banking sector is strong and performing well,” he noted.
The minister’s remarks come amid India’s ongoing efforts to expand its trade footprint while ensuring domestic industries are safeguarded and empowered to thrive on the global stage. (Source: IANS)
