Speaking at the ASSOCHAM-organised session titled ‘Creating Global Impact Towards Viksit Bharat’, Goyal firmly stated, “If India gets a good trade deal, we will go ahead with it. If not, we won’t. India always keeps the country’s interest first"
Union Commerce and Industry Minister Piyush Goyal addresses the session 'Creating Global Impact Towards Viksit Bharat', organised by ASSOCHAM in Mumbai. PIC/X
Union Minister of Commerce and Industry, Piyush Goyal, has reiterated that India will enter into trade agreements only if they align with the country's national interests.
Speaking at the ASSOCHAM-organised session titled ‘Creating Global Impact Towards Viksit Bharat’, Goyal firmly stated, “If India gets a good trade deal, we will go ahead with it. If not, we won’t.”
“India always keeps the country’s interest first,” he added.
Responding to questions from the media following the event, Goyal emphasised that ongoing trade negotiations were being handled through official channels, not the media.
“I’ve already mentioned that we don’t negotiate through the media, we negotiate in the negotiating room. Talks are ongoing, and once the team is back, we will get feedback on the response and the progress,” he said.
Addressing industry leaders and entrepreneurs during the session, the Minister highlighted the need for a mindset shift within India’s Micro, Small, and Medium Enterprises (MSME) sector. He urged smaller and larger firms to collaborate for collective progress, reported ANI.
“We need targets, guidance, and a change in mindset. Big or small, firms must grow together,” he said, calling on businesses to “support each other and be vocal for local.”
Goyal also underlined the critical role MSMEs must play in boosting research, innovation, quality, and scalability in order to compete globally.
He encouraged MSME stakeholders to directly inform the government of non-tariff barriers affecting their operations, assuring that concerns would be addressed.
“The government will only be able to act if industry players convey their concerns,” he told one participant.
Reflecting on the broader economic reforms, the Minister contrasted the current strength of the banking system with the challenges faced under the previous UPA government. “During the UPA regime, the banking sector collapsed under rising NPAs. We have restructured it in a transparent manner. Today, the banking system is robust and performing well,” Goyal said, crediting the improvements to reforms led by Prime Minister Narendra Modi’s administration.
India-EFTA trade deal to take effect from October 1
Goyal also announced that the landmark Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will be implemented from 1 October.
“India-EFTA TEPA to come into effect from 1st October,” the Minister confirmed in a post on social media platform X.
Signed on March 10 last year, the agreement marks a significant milestone in India’s trade diplomacy, PTI reported. Under the pact, India is set to receive a committed investment of USD 100 billion from the EFTA bloc over the next 15 years. The investment is expected to generate 1 million direct jobs in India, according to government estimates.
The agreement provides preferential market access for several European goods, including Swiss watches, chocolates, and cut and polished diamonds, which will now be subject to reduced or zero import duties.
The EFTA comprises four European countries: Iceland, Liechtenstein, Norway, and Switzerland.
As part of the agreement, EFTA will invest USD 50 billion in India within the first 10 years, with an additional USD 50 billion committed for the following five years.
(With ANI and PTI inputs)
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