New Delhi, Apr 2 (KNN) Union Minister Piyush Goyal has underscored that protecting the interests of farmers, fishermen, micro, small and medium enterprises (MSMEs), and domestic manufacturing will be non-negotiable in any free trade agreement (FTA) that India inks.

Speaking at the Idea Exchange event organised by The Indian Express, Goyal said the Modi government negotiates FTAs very cautiously and from a position of strength, given India's USD 3.5 trillion economy that is projected to swell to USD 35 trillion.

"For FTAs, one has to do crystal-gazing into the future and see what is good for the country over the next 20, 30 or 50 years," the minister stated.

"The country's farmers, fishermen, MSMEs have to be protected, domestic manufacturing has to have a level-playing field, and there has to be transparency on both sides in how countries operate," he added.

Goyal maintained that India will sign FTAs strictly on its own terms after extensive stakeholder consultations. He ruled out any rushed negotiations, saying "unless we get that (a fair, equitable and balanced deal) on our terms, we don't rush into closing any FTA negotiation."

The statement from the minister comes in the wake of the recent pause in FTA talks between India and the UK, which are now set to resume after the conclusion of the Lok Sabha elections. Goyal chose not to divulge specific reasons behind the hold, terming it a confidential matter.

However, he emphasised the need to balance multiple significant issues from a larger perspective, including preventing entry of entities from "unfriendly" nations through the backdoor under such trade pacts.

"We are a potential superpower and given our growth trajectory, nobody in the world has any doubt this is the country to trade with. So we have to negotiate hard and get the best deal for India," Goyal asserted.

The minister also appreciated efforts from the UK side, saying "They put an extra foot forward as did we. But there will always be reasons why some things don't close and probably the right time for this has not come."

While Goyal did not disclose granular details, his strong remarks made it clear that safeguarding the interests of Indian farmers, MSMEs, and manufacturers will be paramount in any FTA that the government pursues.

(KNN Bureau)