New Delhi [India], June 23 : Commerce and Industry Minister Piyush Goyal on Monday emphasized that India's approach to Free Trade Agreements (FTAs) with complementary economies carefully balances both offensive and defensive interests of domestic industry, ensuring no sector is left vulnerable.
Speaking to media persons at the third anniversary commemoration of Vanijya Bhawan, Goyal defended the government's trade negotiation strategy, asserting that none of India's recent FTAs have faced criticism from key domestic stakeholders including micro, small and medium enterprises (MSMEs), manufacturers, or farmers.
"We have kept the interests of our farmers, MSMEs, industry and the nation at the forefront while negotiating with countries," Goyal stated, adding that future FTAs will continue to factor in domestic interests of all stakeholders.
India currently maintains an extensive trade agreement portfolio with 14 Free Trade Agreements and six Preferential Trade Agreements in force. The government has significantly accelerated its FTA agenda over the past three years, signing several landmark deals that have reshaped India's global trade landscape.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in May 2022, stands out as a major achievement with 99 percent of Indian exports gaining duty-free access to the UAE market. This was followed by the India-Australia Economic Cooperation and Trade Agreement (ECTA) in December 2022, which has provided substantial boosts to key Indian sectors including textiles, pharmaceuticals, and engineering goods.
The most ambitious agreement came in March 2024 with the India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA), which secured a remarkable $100 billion investment commitment from EFTA countries. This deal is projected to create one million jobs across various sectors of the Indian economy.
Adding to this momentum, the India-UK Free Trade Agreement, announced on May 6, 2025, is expected to be signed soon, further expanding India's access to developed markets while safeguarding domestic industry interests.
The minister's comments came during the commemoration of Vanijya Bhawan's third anniversary, which he described as "a symbol of modern, efficient, and integrated governance" and a dedicated hub for India's rapidly expanding commerce and industry ecosystem.
Goyal highlighted that since Prime Minister Narendra Modi inaugurated Vanijya Bhawan three years ago, the Ministry of Commerce and Industry has achieved several significant milestones and established new benchmarks in how India conducts business globally.
The minister's emphasis on balancing offensive and defensive interests reflects India's nuanced approach to international trade negotiations. Offensive interests typically involve securing better market access for Indian exports, while defensive interests focus on protecting domestic industries from unfair competition and ensuring gradual market opening where needed.
This strategy appears to have yielded positive results, with stakeholders across the spectrum - from small enterprises to large manufacturers and agricultural communities - supporting the government's recent trade initiatives.
The commemorative event at Vanijya Bhawan served both as a celebration of past achievements and a reaffirmation of the ministry's commitment to driving India's trade and industrial growth while maintaining the delicate balance between global integration and domestic protection.
As India continues to position itself as a major player in global trade, the government's stakeholder-inclusive approach to FTA negotiations appears to be setting a new template for emerging economies seeking to expand their international economic partnerships.