Union Commerce Minister Piyush Goyal emphasized on Saturday that India will only engage in international trade agreements if they are in the country’s best interests.
Negotiations with the US
During an event organized by Assocham, Goyal mentioned that India will proceed with a trade deal if it proves beneficial for the nation.
The ongoing negotiations with the US aim to ensure that any trade deals are aligned with India’s larger interests. Goyal reiterated India’s priority of putting the country’s interests first.
Following the conclusion of the fifth round of talks for the proposed bilateral trade agreement between India and the US in Washington, India’s chief negotiator, Rajesh Agrawal, led the team for negotiations.
Emphasizing Domestic Industry
Goyal emphasized that India’s significant domestic demand could support the development of domestic industries for high-quality production, reducing the need for excessive imports.
Promoting Growth in MSME Sector
Goyal addressed industry leaders and entrepreneurs, stressing the importance of a mindset shift in the micro, small, and medium enterprises sector towards collective growth and cooperation between companies of all sizes.
He urged companies to work together, support local interests, and focus on research, innovation, and quality to compete globally.
Addressing Non-Tariff Barriers
The minister encouraged MSME stakeholders to report non-tariff barriers affecting their businesses, highlighting the need for proactive communication with the government for issue resolution during bilateral discussions.
Banking Sector Restructuring
Goyal compared the current banking system under the Modi government to the previous UPA government, noting the successful restructuring that has strengthened the sector.
He emphasized that the banking system, which faced challenges during the UPA regime, has now been restructured transparently, leading to its current performance.
