India Adopts Assertive, Future-Focused Trade Strategy: Goyal

New Delhi, Feb 20 (KNN) India has moved away from a traditionally cautious approach to trade negotiations, adopting a more assertive, future-oriented stance in its free trade agreements (FTAs), Piyush Goyal, Union Minister for Commerce and Industry, said on Thursday.

Addressing the Global Economic Cooperation (GEC) 2026 summit in Mumbai, Goyal said the country now negotiates trade pacts from a position of strength rather than apologetically, prioritising long-term economic gains over short-term tariff concessions, reported the Business Standard.

He noted that India’s strategy is to shape FTAs around its growth ambitions and global competitiveness, offering partners opportunities to participate in India’s expansion over the next two to three decades.

Goyal highlighted that India has concluded nine trade agreements in roughly four years following the resumption of talks after the pandemic, including pacts that had remained unresolved for nearly 20 years. These agreements, he said, were negotiated with confidence and underpinned by trust.

A key feature of India’s new approach is safeguarding sensitive domestic sectors. Goyal emphasised that India has protected areas such as dairy in all trade negotiations and pursued market access where it has competitive strengths, including labour-intensive exports like textiles, footwear and leather, as well as pharmaceuticals, farm and marine products.

He also pointed to deeper economic cooperation with major partners such as the United States, noting that the U.S. brings advanced technology and investment, while India offers scale, competitiveness and a growing consumer market.

Goyal’s remarks signal a shift in India’s trade diplomacy, emphasizing strategic engagement and long-term collaboration over defensive bargaining.

(KNN Bureau)