No to China blocs; Yes to fair trade

New Delhi: Union Minister of Commerce and Industry Piyush Goyal on Saturday presented a bold and assertive vision for India’s global trade trajectory.

In an interview to a news channel, Goyal highlighted a significant shift in New Delhi’s approach to trade diplomacy, moving away from what he described as the “weak" and “badly negotiated" deals of the past.

The minister’s remarks come just days after the historic conclusion of the India-European Union Free Trade Agreement (FTA)—dubbed the “mother of all deals"—which is slated for implementation within the 2026 calendar year.

Terming India an “emerging superpower," Goyal stated categorically that the NDA government would never conclude a deal with China-led trade blocs.

He slammed the previous Congress-led administration for its initial involvement in the bloc, calling it the “greatest disservice" to the country.

“It would have led to a collapse due to the dumping of our domestic industry," Goyal warned, asserting that India now only negotiates with “fair trade countries" that recognise the immense value and potential of the Indian market.

Explaining the timeline of current negotiations, Goyal noted that while the decision to pursue major FTAs was made in 2021, the government used the preceding years to fortify India’s internal economic foundations.

The minister provided a “surplus" outlook for India’s trade balance, noting that the Indian rupee remains a strong currency despite global complexities.

He revealed that India is currently in active dialogue with Chile and ASEAN and is soon to launch negotiations with Canada.