India's Strategic FTAs: A New Era of Equitable Trade Deals

Commerce and Industry Minister Piyush Goyal announced India's new approach to free trade agreements, highlighting extensive stakeholder consultation and fair, balanced deals. The country has secured a historic $100 billion FDI commitment from EFTA and aims to surpass $800 billion in exports, avoiding detrimental deals like RCEP.

Commerce and Industry Minister Piyush Goyal emphasized a groundbreaking shift in India's approach to free trade agreements (FTAs), ensuring they are only finalized after comprehensive consultations with all stakeholders. Speaking at the Thuglak Annual Meet in Chennai, Goyal highlighted that modern FTAs are designed to be fair, equitable, and balanced, in contrast to past practices.

Goyal noted the significant achievement with the European Free Trade Association (EFTA), where India secured a commitment of $100 billion in foreign direct investment—a first in FTA history. This milestone aligns with several implemented pacts with countries such as Australia and the UAE. He further underscored India's strategic decision to opt-out of the Regional Comprehensive Partnership Agreement (RCEP), prioritizing national interests and protecting MSMEs from an influx of Chinese products.

Touching on export targets, Goyal projected a rise in goods and services exports, potentially exceeding USD 800 billion for the current year. Furthering domestic manufacturing, India is now the second-largest mobile producer globally. Addressing the challenges ahead, Goyal stressed the government's consistent adoption of technology and strategic governance principles under Prime Minister Narendra Modi, which have been vital to India's transformative growth.

(With inputs from agencies.)