Govt Undertakes Intensive FTA Consultations to Safeguard Domestic Industry

New Delhi, Jun 24 (KNN) The Indian government is taking a strategic and inclusive approach to Free Trade Agreements (FTAs) to ensure domestic industries are not adversely affected, Commerce and Industry Minister in Piyush Goyal stated on Monday.

The remarks were made during an event marking three years of the Vanijya Bhawan, the Ministry of Commerce’s headquarters.

Goyal emphasized that all ongoing FTA discussions are being held after extensive stakeholder consultations. These include both “offensive” interests, like sectors with strong export potential, and “defensive” interests, such as industries that may be vulnerable to foreign competition.

According to the minister, this approach ensures that India signs only those agreements that serve both trade expansion and the protection of local businesses.

He added that India is currently focusing on forging FTAs with economies that complement rather than compete with the Indian economy.

This targeted strategy, he said, is meant to maximize gains while protecting sensitive sectors. “Going forward, we will do FTAs which will keep in mind national and public interests,” Goyal noted.

India’s FTA talks with ASEAN, however, have seen limited progress. Although nine rounds of negotiations have taken place since 2022, ASEAN countries have shown reluctance to renegotiate key terms. India has raised concerns over trade imbalances and non-tariff barriers in the existing FTA.

Meanwhile, talks with the European Union are gaining momentum. India hopes to finalise a comprehensive agreement by the end of 2025, and three rounds of negotiations have already taken place within a short span of 35 days.

Goyal also highlighted the achievements of Vanijya Bhawan, calling it a modern platform that empowers MSMEs across the country, especially through tools like the Government e-Marketplace (GeM) portal that have made public procurement more inclusive.

(KNN Bureau)