New Delhi, April 11: Union Commerce Minister Piyush Goyal emphasized on Friday that national interest must not be compromised to meet trade agreement deadlines.
Speaking at the Carnegie Global Technology Summit in New Delhi, Goyal said trade agreements should be mutually beneficial and not rushed.
“At the end of the day, a trade agreement has to be fair, balanced, and a win-win for both sides. Meeting a timeline should never come at the cost of national interest,” he said.
India is currently negotiating trade agreements with several global partners, including the European Union (EU), the United Kingdom (UK), and the United States (US). The India-US trade deal is expected by fall 2025, while the India-EU Free Trade Agreement (FTA) is targeted for the end of 2025.
Goyal raised concerns about the EU’s stringent non-tariff barriers, especially those related to climate regulations, which he said are creating major hurdles in negotiations.
“Europe must reflect on the path it is heading down. These non-tariff barriers, while framed in the name of sustainability, are making trade increasingly difficult,” he said.
He stressed that self-respecting countries cannot accept trade terms that impose disproportionate responsibility for global issues, like climate change, on developing nations.
On India's trade landscape, Goyal acknowledged that the country has long benefited from a large domestic market, but highlighted the need to expand exports.
“Our exports form a relatively small part of our GDP, and many of them rely heavily on imported inputs. During COVID, when exports declined, our imports fell even faster — resulting in a rare trade surplus,” he said.
