India does not rush into trade negotiations, says Piyush Goyal before WTO meet

Union Commerce Minister Piyush Goyal on Friday said that the government does not rush into trade negotiations. He pointed out that Free Trade Agreements (FTAs) impact the country for several years.

Goyal stated that the government follows a careful and calibrated approach by extensively consulting with stakeholders and inter-ministerial meetings during FTA negotiations to ensure that FTAs are “fair, equitable and balanced”.

His remarks come amid the country's trade negotiations with the United Kingdom and the European Union. Initially it was expected that a free trade agreement between the UK and India would be concluded by late 2022. However, both sides have refrained from committing to deadlines. The FTA negotiations between India and the EU, which resumed in 2022 after a nine-year break, continue to face challenges.

During an interaction at the Raisina Dialogue 2024 in New Delhi, Goyal said that there are attempts to include issues in the World Trade Organisation (WTO) Ministerial Conference 13 that are not part of world trade. He affirmed that India will try to ensure that the guiding principles of WTO are maintained.

The WTO Ministerial Conference 13 will be held in Abu Dhabi, United Arab Emirates from February 26 to February 29. Ministers from all over the world will attend the conference to review the functioning of the multilateral trading system and to take action on the future work of the WTO.

The Union Minister emphasised that India is willing to engage with the world and be competitive by embracing global value chains and becoming self-reliant. He said that the large domestic market coupled with the nation’s ability to innovate will make India the best destination for investments.