India engages in Trade from a position of strength, says Piyush Goyal

India now negotiates global trade agreements from a position of strength, reflecting its growing economic confidence and global standing, said Union Commerce and Industry Minister Piyush Goyal at the Annual Conference and 105th Annual General Meeting of ASSOCHAM in New Delhi. He stated that India’s trade policy has evolved significantly in recent years, with the government focusing on engaging with non-competitor nations to ensure balanced and mutually beneficial partnerships.Goyal highlighted that this strategic shift allows India to safeguard domestic industries, promote exports, and attract investment and technology collaboration. He noted that the country’s foreign exchange reserves remain robust at around USD 700 billion, a reflection of India’s strong economic fundamentals. “The days when India entered trade talks from a position of weakness are over,” he said, adding that the Indian passport now commands respect across the world.
Goyal underlined that recent Free Trade Agreements (FTAs) with Mauritius, Australia, the United Arab Emirates, and the European Free Trade Association (EFTA) nations have been structured to reflect India’s strategic interests. These trade pacts, he said, are designed to enhance industrial collaboration, boost supply chain resilience, and expand market access for Indian exporters while avoiding unfair competition. The agreements include strong provisions for cooperation in research, innovation, and skill development to keep Indian businesses globally competitive.He emphasised that India’s approach to FTAs now prioritises partnerships with nations that do not directly compete with India in core manufacturing sectors. This, he said, ensures that trade benefits are balanced and that domestic industries remain protected. “We are creating opportunities that strengthen India’s position in global trade while fostering equitable and sustainable growth,” Goyal said.
Highlighting India’s economic transformation, Goyal said the services sector remains the country’s biggest strength and is likely to surpass merchandise exports within the next two years. He noted that the services industry not only drives employment but also supports manufacturing, real estate, and broader economic growth. The Minister also mentioned the government’s ongoing engagement with start-ups working on recycling waste to extract rare earth elements, as well as initiatives to establish rare earth processing facilities in India.Goyal stressed the critical importance of strengthening supply chains to ensure long-term resilience and sustainability. He said that recent global disruptions have underscored the need for secure and diversified supply networks. The government, he added, is encouraging industry stakeholders to assess their supply chains, enhance domestic capacities, and collaborate closely to develop robust value chains aligned with the “Aatmanirbhar Bharat” vision.He further noted that by fostering greater collaboration between the public and private sectors, India can become a reliable partner in the global trade ecosystem. Goyal also urged the industry to enhance agility, adaptability, and innovation to effectively address challenges and seize future opportunities.Commending ASSOCHAM for its contribution to policy dialogue, trade facilitation, and international cooperation, Goyal said that teamwork, shared resolve, and collective commitment would enable India to overcome challenges and move steadily toward becoming a developed and self-reliant nation by 2047.

(Business Correspondent)