Indian Economy News

India engages in trade from a position of strength, focusing on non-competitor nations for balanced and beneficial partnerships: Union Minister of Commerce and Industry Mr. Piyush Goyal

Union Minister of Commerce and Industry, Mr. Piyush Goyal, stated that India now negotiates Free Trade Agreements (FTAs) from a position of strength, marking a significant shift in its global trade strategy. Speaking at the 105th Annual General Meeting of ASSOCHAM in New Delhi, he said India’s trade engagements are now focused on non-competing economies, ensuring mutually beneficial outcomes. He highlighted that India’s robust foreign exchange reserves of around Rs. 61,62,800 crore (US$ 700 billion) reflect the strength of its economy, which remains the fastest-growing globally. He noted that the country’s new FTAs with Mauritius, Australia, the United Arab Emirates (UAE), and the European Free Trade Association (EFTA) are structured to safeguard domestic interests while promoting exports, investment, and technology collaboration.

He added that the government’s reform-driven approach, including ease of doing business, decriminalisation of laws, and simplification of compliance, has strengthened India’s investment climate. He emphasised that India’s services sector will soon surpass merchandise exports, supported by growth in start-ups, renewable energy, and advanced manufacturing. He also underscored the importance of resilient and self-reliant supply chains under the Aatmanirbhar Bharat vision, urging industry and Micro, Small, and Medium Enterprises (MSMEs) to collaborate in building strong domestic value chains. He concluded that with teamwork, innovation, and strategic partnerships, India is on track to become a developed and self-reliant nation by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.