Srinagar, July 6 Commerce and Industry Minister Piyush Goyal on Sunday stressed that India’s free trade agreements (FTAs) will never come at the cost of national interest.
Speaking at the FTII Traders Conclave in Srinagar, Goyal said the government is committed to ensuring that all trade deals are reciprocal and protect the interests of Indian traders and manufacturers.
"An FTA is signed so our local goods have duty-free access to other countries and to resolve barriers in accessing other markets. But it’s natural that an FTA will have two-way trade. It can’t be that they open their markets to our goods while we don’t," he pointed out.
In a clear message to traders in the region, the minister emphasised that the Centre will not compromise on sensitive sectors or regional concerns while negotiating market access with foreign partners. "Traders need not worry. Whatever FTA we sign will keep the interests of Jammu & Kashmir and the entire country in mind," he said.
Goyal’s comments come against the backdrop of the India-US negotiations aimed at concluding a bilateral free trade agreement before the July 9 deadline for the 26 per cent increase in US tariffs on Indian exports kicks in. A trade agreement would exempt Indian exports from the tariff hike.
The minister said that while India is open to expanding trade, all agreements will be structured to ensure fair competition, domestic capacity building, and long-term economic resilience.
The minister also said that the government is promoting ‘Vocal for Local’, and making sure that local goes global.
"Our approach supports both 'Make in India' and 'Make for the World'," Goyal remarked.
The minister said, earlier this week, that India does not enter trade agreements based on deadlines, but on mutual benefit and national interest.
India also informed the World Trade Organisation (WTO) on Friday that it plans to impose retaliatory tariffs on selected US-origin products in response to America’s recent duty hike on automobiles and certain auto parts.
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