India will enter trade deals only if they’re in country’s interest: Piyush Goyal

Mumbai: Union Commerce Minister Piyush Goyal on Saturday said that India will enter international trade agreements only if they serve the country’s interests.

Addressing the media during an event organised by leading industry chamber Assocham here, the minister said if India gets a good trade deal, it will go ahead with it.

Goyal said that negotiations with the US are ongoing, adding that trade deals would materialise only if these are in the country’s larger interests. “If it doesn’t happen, we will not do it. India always puts the country’s interest first,” the minister asserted.

India and the US teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington this week. The negotiations were held for four days in Washington, DC. India’s chief negotiator and special secretary in the Department of Commerce, Rajesh Agrawal, lead the team for negotiations.

He further stated that India has huge domestic demand. “We have imports coming into the country which can be replaced by developing domestic industry to scale for high-quality production,” said the minister.

Addressing a gathering of industry leaders and entrepreneurs during the event, the minister emphasised the importance of mindset change in the micro, small and medium enterprises (MSME) sector.

He called for a shift towards collective growth and mutual cooperation between small and large companies.

“We need a change in goals, guidance and mindset. Big or small, companies have to grow together. We have to support each other and be vocal for local interests,” he highlighted. He also emphasised the need for focus on research, innovation, quality and expansion by MSMEs to compete globally.

The minister urged MSME stakeholders to proactively inform the government about non-tariff barriers that are impacting their businesses. “Only when you inform us, we can take up these issues during bilateral discussions and work towards their resolution,” Goyal told the industry leaders.

Dwelling on the macroeconomic framework, the minister compared the current banking system with the tenure of the previous UPA government. He said the Prime Minister Narendra Modi-led government has successfully restructured the banking sector.

“During the UPA regime, the banking sector was in shambles due to rising non-performing assets (NPAs). We have restructured it in a transparent manner. Today, the banking system is strong and performing well,” said the minister.

IANS