Union Commerce and Industry Minister Piyush Goyal strongly defended the Modi government’s recent international trade agreements on Saturday, saying India had carefully protected its national interests while negotiating with global partners.
Speaking at the Raisina Dialogue, Goyal said India had managed to secure one of the most favourable deals compared with other countries and emphasised that the government always prioritises domestic economic interests and employment while finalising trade agreements.
He highlighted that India’s partnership with the United States is far deeper than just trade and involves strategic cooperation in several critical sectors.
According to Goyal, relations between India and the US are multi-dimensional and include collaboration in technology, defence, and critical minerals. He said the partnership between the two countries is likely to play a key role in shaping the global future.
Goyal also defended India’s decision to stay out of the Regional Comprehensive Economic Partnership, arguing that joining the trade bloc would have harmed India’s economic interests. He warned that the agreement could have opened the Indian market to a large influx of Chinese products through indirect routes.
The minister said such a scenario could have negatively affected domestic industries, job creation and fair competition within the country. He emphasised that the government consults extensively with stakeholders before signing any free trade agreement to ensure the interests of Indian businesses and workers are protected.
During the discussion, Goyal also spoke about the recently concluded trade pact with the European Free Trade Association, which includes countries such as Switzerland, Norway, Liechtenstein and Iceland. He described the agreement as balanced and beneficial for India.
The minister said the deal includes a commitment from these four countries to invest around 100 billion dollars in India within a defined timeframe. According to him, the agreement ensures that the benefits offered to the EFTA countries are linked directly to their investment commitments in India.
Goyal explained that if the promised investments are not made, India has the option to withdraw certain benefits granted under the agreement. This clause, he said, ensures that the deal produces real economic gains for the country rather than remaining only a trade arrangement on paper.
He further pointed out that many of the products imported by EFTA countries from India were already duty-free, making it important for India to secure additional advantages such as foreign investment and stronger economic partnerships.
The minister concluded by saying that India’s trade strategy focuses on long-term economic growth, stronger global partnerships and ensuring that international agreements create opportunities for domestic industries while protecting national interests.
