Mumbai: Union Commerce Minister Piyush Goyal on Saturday asserted that India will enter into international trade agreements only if they align with the country’s interests.
Speaking at an event organised by the industry body Assocham, the minister said that India would move forward with trade deals only when they offer significant benefits. “If we get a good trade deal, we’ll go ahead with it. If not, we won’t. India always prioritizes national interest,” Goyal stated.
He mentioned that discussions with the United States are currently ongoing, and emphasized that any agreement will be finalized only if it meets India’s long-term objectives.
India and the US recently concluded the fifth round of negotiations for a proposed Bilateral Trade Agreement (BTA), which took place over four days in Washington, D.C. The Indian delegation was led by Rajesh Agrawal, India’s chief negotiator and Special Secretary in the Department of Commerce.
Goyal also highlighted India’s strong domestic demand, saying, “We have significant imports that can be substituted by developing a robust domestic industry focused on high-quality production.”
Addressing a gathering of industry leaders and entrepreneurs, the minister stressed the need for a mindset shift within the micro, small, and medium enterprises (MSME) sector. He urged small and large companies to grow together through mutual support and collaboration.
“We need a transformation in vision, guidance, and mindset. Whether big or small, companies must grow collectively. Support one another and be vocal for local,” he said, underlining the importance of research, innovation, quality, and global competitiveness in the MSME space.
Goyal called on MSME stakeholders to actively report non-tariff barriers that affect their businesses, noting that the government can only act on such issues during bilateral negotiations if it is made aware of them. “You have to tell us—only then can we address them,” he said.
On the broader economic front, the minister contrasted the current banking environment with that during the previous UPA government. He claimed that under Prime Minister Narendra Modi’s leadership, the banking sector has been restructured transparently and is now stable and performing well.
“Under the UPA, the banking system was in crisis due to mounting non-performing assets (NPAs). We have brought transparency and strength back to the sector,” Goyal said.
With inputs from IANS