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New Delhi: Union Commerce Minister Piyush Goyal on Friday emphasized that India will not compromise its national interest just to meet trade agreement deadlines. Speaking at the Carnegie Global Technology Summit in the national capital, Goyal said trade agreements must be fair, balanced, and beneficial for all parties involved.
Trade Agreements Must Be Win-Win
“You always need to have timelines for all deadlines for whatever work you do. We do that in business all the time, don’t we?” Goyal said. He acknowledged the importance of timelines but stressed that trade deals must result in a win-win outcome for both sides. “Every action should be defined in terms of a responsibility that takes a timeline, but in the case of trade agreements, these are indicated timelines,” he said.
He added, “At the end of the day, it has to be a win-win for both sides. It has to be a fair, equitable, and balanced solution. Just to meet the deadline, you cannot compromise national interest.”
India Working on Multiple Trade Agreements
India is currently negotiating trade agreements with several countries and blocs, including the European Union (EU), the United Kingdom (UK), and the United States (US). The India-US trade deal is expected to be signed by the fall of 2025, while the India-EU Free Trade Agreement (FTA) is likely to conclude by the end of 2025.
Concerns Over EU’s Non-Tariff Barriers
Addressing the challenges in finalizing the trade pact with the EU, Goyal criticized the bloc’s non-tariff barriers, especially those linked to climate regulations. “Unless Europe recognizes the path that they are going down, I see serious difficulty for Europe to be able to do trade with any country, let alone India,” he said.
Goyal raised concerns about the European Union’s approach, stating, “There’ll be two areas on which the European Union will have to rethink. One is these non-trade issues which they seek to superimpose into the trade agenda.”
He added, “Any self-respecting decent country cannot sign up on commitments which are irrational, beyond the realm of trade, and where the rest of the world has been responsible for the problem in the first place.”
India’s Export Landscape
Goyal also spoke about India’s export dynamics. “Our exports account for a very small percentage of our GDP at present,” he said, adding that India has long relied on a large domestic market. He noted that many Indian exports are still import-dependent and recalled how, during the COVID-19 period, imports fell faster than exports, resulting in a trade surplus.
(With Inputs From ANI)
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