India doing FTAs only after extensive stakeholder consultations: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced. “We are not doing FTAs like in the past. Every agreement is after extensive stakeholder consultation,” he said at the Thuglak Annual Meet in Chennai.

Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of USD 100 billion FDI (foreign direct investment) in this pact.

The Modi government has implemented these pacts with countries like Australia and the UAE.

He also said that India’s decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests.

“It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country. Therefore, we refused to join RCEP,” he added.

Talking about exports, he said the country’s goods and services exports touched USD 778 billion in 2023-24, and this year, it is expected to cross USD 800 billion.

“We will maintain our CAD (current account deficit) at still around one per cent of GDP, which is a reasonable level to maintain,” he said.

He added that the government has rolled out a series of software measures to boost domestic manufacturing, and today India is the second largest mobile maker in the world.

Foxconn in Chennai, he said, is exporting smartphones in good numbers.

Further, Goyal said that under the leadership of Prime Minister Narendra Modi, during the last 10 years, 10 foundational principles of governance have been the pillar of this decade of unprecedented transformation.

These include decisive leadership, root cause analysis, outcome-oriented action, rule of law and transparency, time-bound execution, prioritisation of issues, accountability and monitoring, adoption of technology, innovative financing and partnership with all stakeholders, he said.

While listing out the various achievements of the government, Goyal also acknowledges the challenges ahead.

“While we are building inclusive growth, we must confront the evolving realities of a world that tests our unity, security, and aspirations. Our progress faces opposition from those seeking to undermine our hard-earned gains. Yet, the same resilience that has powered India’s ascent will guide us through these obstacles,” he said.