News Brief
India Will Not Rush Into Closing FTAs, Aims For Agreements On Own Terms: Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal.
Union Minister of Commerce and Industry Piyush Goyal has said that India is a potential superpower and would not rush into closing Free Trade Agreements (FTAs) unless these are on New Delhi’s own terms.
Goyal's statement comes amidst ongoing discussions regarding the FTA between India and the United Kingdom, which have yet to reach a consensus.
“India now is not the India of 2009 or 2010… The Modi government goes about FTA negotiations very cautiously, with a great deal of stakeholder consultations, and negotiates very hard from a position of strength," Goyal said in response to a question on India-UK FTA at the Indian Express's Idea Exchange programme.
"The world today knows that when you negotiate with India, you’re negotiating with a $35 trillion economy, not a $3.5 trillion economy. In an FTA, one has to do crystal gazing and see what is good for the country over the next 20-30-50 years. These are long sustaining agreements and unless we get that on our terms, we don’t rush into closing any FTA negotiation," he added, Indian Express reported.
He noted the complexities involved in such negotiations, where even minor issues could stall agreements, but maintained that the country's broader interests, including the protection of farmers, fishermen, MSMEs, and the assurance of a level playing field for domestic manufacturing, remain paramount.
"The country’s farmers, fishermen, MSMEs have to be protected, domestic manufacturing has to have a level playing field, and there has to be transparency on both sides in how countries operate. We have to ensure that we do not allow people to come in from unfriendly countries through the backdoor. So, many significant issues have to be balanced in a larger perspective,” he said.
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