New Delhi [India], July 4 : Commerce and Industry Minister Piyush Goyal on Friday emphasised that India will only enter into trade agreements, including the proposed US Bilateral Trade Agreement (BTA), when they serve the country's national interests and offer mutual benefits.
Speaking on the sidelines of the 16th Toy Biz B2B expo in New Delhi, Goyal made it clear that India's approach to international trade negotiations remains firm and principled.
"It should be a win-win agreement, and only when India's interests are safeguarded national interest will always be supreme and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries," the minister stated.
Goyal emphasised that India negotiates on its own terms.
The minister revealed that India is currently engaged in trade discussions with multiple countries across different continents.
"Discussions are ongoing with various countries be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations," he said.
However, Goyal stressed that the multiplicity of negotiations does not mean India is in a rush to conclude deals. "A Free Trade Agreement is only possible when there is mutual benefit," he explained.
"India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest," Goyal stated.
This approach reflects India's confidence in its negotiating position and its commitment to securing favourable terms for its economy and businesses.
At the toy expo, Goyal expressed optimism about the growth potential of India's toy manufacturing sector, highlighting both domestic and international opportunities.
"I am sure with the high quality goods I am seeing here, they will all be finding good market with the whole gulf region all the 6 countries of the Middle East as they are today finding in nearly 153 countries in the world," the minister said, praising the quality of Indian toy products.
Goyal announced that the government is preparing additional support measures for the sector. "We will soon be coming out also with the support program and incentive scheme to support the toy industry," he revealed.
The minister highlighted the enormous domestic market potential for toys in India, noting the country's demographic advantage. "Considering that we have a market of 1.4 billion Indians who would like to use toys. At every age, there is a demand of toys," Goyal observed.
He characterized the toy industry as "a growing sector which have eyes on the world," indicating the government's confidence in the sector's export potential alongside domestic consumption.
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