Will India Enter Trade Deals Only If They're in the Country's Interest?

Mumbai, July 19 (NationPress) Union Commerce Minister Piyush Goyal stated on Saturday that India will engage in international trade agreements solely when they align with the nation's interests. During a media briefing at an event hosted by the prominent industry association Assocham, the minister emphasized that India would pursue favorable trade deals if they benefit the country.

Goyal highlighted that discussions with the US are in progress, reiterating that any trade agreements would come to fruition only if they serve the larger interests of the nation. "If it doesn't happen, we will not do it. India always puts the country's interest first," the minister declared.

The India and US negotiating teams recently wrapped up the fifth round of discussions for the proposed bilateral trade agreement (BTA) in Washington this week, which lasted four days. Leading the negotiations was India’s chief negotiator and special secretary in the Department of Commerce, Rajesh Agrawal.

He further noted that India possesses considerable domestic demand. "We have imports coming into the country which can be replaced by developing domestic industry to scale for high-quality production," said the minister.

While addressing industry leaders and entrepreneurs, Goyal stressed the need for a change in mindset within the micro, small, and medium enterprises (MSME) sector.

He urged a shift towards collaborative growth and mutual support between small and large enterprises.

“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 emphasized. He also pointed out the necessity for MSMEs to concentrate on research, innovation, quality, and expansion to remain competitive on a global scale.

The minister encouraged MSME stakeholders to actively communicate any non-tariff barriers affecting their operations. “Only when you inform us, we can take up these issues during bilateral discussions and work towards their resolution," Goyal informed the industry leaders.

Discussing the macroeconomic environment, the minister compared the current banking system to that of the previous UPA government. He stated that the Prime Minister Narendra Modi-led administration has effectively restructured the banking sector.

“During the UPA regime, the banking sector was in shambles due to rising non-performing assets (NPAs). We have restructured it in a transparent manner. Today, the banking system is strong and performing well,” the minister concluded.