Union Commerce and Industry Minister Piyush Goyal on Sunday told domestic businesses that India's free trade agreements (FTAs) will never come at the cost of national interest, as talks with the US for an interim trade deal ahead of the July 9 deadline seemed to stall.
Speaking at the FTII Traders Conclave in Srinagar, Goyal said the government is committed to ensuring that all trade deals are reciprocal and protect the interests of Indian traders and manufacturers.
“An FTA is signed so our local goods have duty-free access to other countries and to resolve barriers in accessing other markets. But it's natural that an FTA will have two-way trade. It can't be that they open their markets to our goods while we don't,” Goyal said.
In a clear message to traders in the region, the minister emphasised that the Centre will not compromise on sensitive sectors or regional concerns while negotiating market access with foreign partners. “Traders need not worry. Whatever FTA we sign will keep the interests of Jammu & Kashmir and the entire country in mind,” he said.
Goyal's comments seemingly aim to temper domestic anxieties around tariff hikes and import competition, particularly from small businesses and industry groups.
He reiterated that while India is open to expanding trade, all agreements will be structured to ensure fair competition, domestic capacity building, and long-term economic resilience.
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