India to ink trade deals only if they serve national interest, reiterates Piyush Goyal

Union Commerce Minister Piyush Goyal today reiterated India's firm stance on international trade agreements, asserting that the nation will only ink deals that unequivocally serve its national interests. Speaking to the media at an event organized by leading industry chamber Assocham, Goyal emphasized, "If India gets a good trade deal, it will go ahead with it. If it doesn't happen, we will not do it. India always puts the country's interest first." His comments come as India recently concluded the fifth round of talks for a proposed bilateral trade agreement (BTA) with the United States in Washington.

The minister confirmed that negotiations with the US are ongoing, led by India's chief negotiator Rajesh Agrawal, despite persistent differences particularly concerning market access in agriculture and automotive sectors. India is seeking the removal of additional US tariffs and lower duties on steel, aluminum, and automobiles, while also pushing for greater access for its labor-intensive sectors like textiles and electronics. Goyal highlighted India's robust domestic demand, stressing the potential to replace imports by scaling up high-quality domestic production.

Furthermore, Goyal addressed industry leaders, urging a "mindset change" within the Micro, Small, and Medium Enterprises (MSME) sector to foster collective growth, mutual cooperation, and a strong focus on research, innovation, and quality for global competitiveness. He also called upon MSME stakeholders to proactively report non-tariff barriers affecting their businesses, promising government intervention in bilateral discussions. Reflecting on the macroeconomic landscape, the Minister credited the Narendra Modi-led government for transparently restructuring the banking sector, contrasting its current robust health with the "shambles" of rising non-performing assets (NPAs) during the previous UPA regime.