New Delhi, Aug 22 Commerce and Industry Minister Piyush Goyal said on Friday that the Government’s approach in trade negotiations for free trade agreements with other countries will be guided by national interest and the priorities of Indian industry.
"I've always held a very clear vision. When we do trade deals, I have to protect national interests. We usually now work with different countries with the pre-understanding, before even getting into negotiations: you respect my sensitivities, I respect your sensitivities. There are areas of concern in every country in the world," the Commerce Minister said at a media event organised by the Economic Times.
The minister said that India is engaging regularly with the European Union and fast-tracking discussions on three to four more trade agreements.
"So the EU also has certain areas which are very sensitive to them. We respect that. As they respect ours. And, therefore, I think it will not be difficult to come to terms on the trade front," Goyal said.
India is looking at the entire situation realistically, but proactively working with trading partners with whom we can have transparent relations, the minister added.
Goyal also said that the government had taken on board the concerns of the domestic industry on the ASEAN free trade agreement.
"We are very concerned because the domestic industry has given us negative feedback. The agreement was badly negotiated by the previous government," he said.
Goyal assured stakeholders that trade would stand independently but underlined the need for balance. “Maybe we won’t be able to deliver 100 per cent, but be demanding,” he told industry participants, noting that labour-intensive industries would receive support.
The minister also said that India’s relations with the US are “very consequential” and India has resilience, strength, and is full of possibilities as the world's fastest-growing economy.
The government has earlier stated at a meeting with the Parliamentary Standing Committee that India-US ties are multi-layered and trade is "only one aspect" of a "very important relationship" that also rests on geopolitical and strategic considerations.
Briefing journalists after the meeting, committee head, Congress MP Shashi Tharoor said: "Our Foreign Affairs Secretary clearly said that our relationship with America is important, and trade is just one aspect of this, but we are still in touch on many subjects."
"The Commerce Secretary assured that the dialogue process is ongoing," he had added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor