Union Commerce Minister Piyush Goyal on Thursday criticised India's legacy trade agreements with ASEAN nations, calling them "silly".
Speaking at the India Global Forum, Goyal said that 15 years ago, India was "more focused on doing trade agreements with countries who were our competitors," instead of building complementary partnerships.
"If I do an ASEAN agreement with Indonesia, Malaysia, Thailand, Vietnam, Cambodia, Laos, it really is silly, because I'm opening up my market to my competitors," Goyal said. He added that many of these countries have now effectively become the "B-Team of China," allowing Chinese goods indirect access to Indian markets through preferential trade routes.
"Instead of that, we're focusing on Australia and New Zealand, which will take another three to four months," he said. India has already inked a trade agreement with the UAE and is close to finalising a second deal in the Gulf. Talks with other wealthy Gulf nations are also likely to begin soon.
Goyal underlined that the current government's focus is on building ties with complementary economies. He added that a deal has been done with the UK and active negotiations are underway with EFTA countries (Iceland, Norway, Liechtenstein, Switzerland), the EU, the US, Chile, and Peru.
The Commerce Minister is on a high-level official visit to the United Kingdom, in the backdrop of the announcement of the conclusion of the India–UK Free Trade Agreement. He has held meetings with his counterpart Jonathan Reynolds, Secretary of State for Culture, Media and Sport Lisa Nandy as well as the UK Chancellor of the Exchequer Rachel Reeves.
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