Global trade pacts a reality, but "India first" stands firm, says Jaishankar

External Affairs Minister S Jaishankar reaffirmed India's commitment to its "India First" approach in trade negotiations while addressing the Business Today Mindrush 2025 event. He emphasized that while global trade agreements are a reality, India will carefully assess their costs, benefits, and strategic implications, particularly in a world facing increasing uncertainty.

Jaishankar revealed that India is currently engaged in three major trade negotiations—Free Trade Agreements (FTAs) with the European Union and the United Kingdom, and a Bilateral Trade Agreement (BTA) with the United States. Additionally, negotiations have just begun with New Zealand, and several other agreements are in the pipeline. Amid ongoing discussions, India has maintained that its national interests will remain paramount, despite mounting pressure from global partners, including the United States.

"In the current uncertain and volatile world, it is essential that we appreciate the value of such endeavours. We have to carefully assess their costs and benefits, as well as weigh the price of action versus inaction," Jaishankar said, underscoring the need for strategic decision-making in trade deals, particularly in securing access to sensitive technologies.

The minister also pointed out that most of India’s previous FTAs were with Asian economies, which often have a competitive character. He stressed the importance of diversifying trade relations by engaging with the Gulf and Western economies, not just for economic benefits but for strategic gains as well.

The Ministry of External Affairs (MEA) has also reaffirmed its engagement with the United States to finalize a mutually beneficial trade agreement. This comes in the backdrop of US President Donald Trump’s recent decision to impose reciprocal tariffs on countries with higher duties on US imports. While Trump has expressed having a "very good relationship" with India, he has also criticized the country for its high tariffs on US goods.

As negotiations continue, India is focusing on balancing its global trade interests while ensuring domestic priorities remain intact. The country’s long-term vision of "Viksit Bharat" (Developed India) will be the guiding principle in all trade discussions, Jaishankar assured.