India’s newly signed free trade agreements (FTAs) will provide preferential access to markets in developed countries with a combined GDP of $85 trillion over the next 18 months or so, Commerce and Industry Minister Piyush Goyal said on Monday.
Addressing the Dilli Dialogue: Policies for a Future-Ready India conference here, the minister said, “We want to be part of the global marketplace, creating opportunities for people, jobs, startups, and our youth to come up with new ideas. In this process, we’ll have a twin track. Of course, we’ll have to engage with the world’s best technologies, but we’ll also have to identify areas with tremendous job and business growth potential.”
Citing the example of tourism as an area of growth, he said, “Just imagine the scope of tourism. It is AI-proof. AI can only improve the efficiency of tourism promotion.”
Piyush Goyal Highlights India’s Global Trade Opportunities
Outlining India’s strategy for negotiating free trade agreements (FTAs), the minister said, “My pitch is very simple in trade deal negotiations. I am a $4 trillion economy today and our purchasing power is already, as per the IMF, $16 trillion. Our capacity as a nation is huge.”
He said India’s population of 1.4 billion, its demographic advantage and its growth trajectory set it apart from many advanced economies, which are grappling with ageing populations and slower growth.
Tourism and Emerging Sectors Could Drive Job Creation
Goyal said India’s trade strategy involves identifying vulnerable sectors before negotiations begin and carefully assessing the potential impact of greater market access.
Farmers, Fishermen and MSMEs to Remain Sensitive Areas
He said the government draws up a list of sensitive areas, particularly those involving farmers, fishermen and micro, small and medium enterprises (MSMEs), before deciding which sectors can be opened to foreign competition and which require protection.
Goyal highlighted that at the same time India carries out trade negotiations with the principle of mutual respect for each country’s economic sensitivities.
‘Respect My Sensitivities, I Will Respect Yours’
“Most negotiations I start with the ground rule: you respect my sensitivities, I will respect yours,” he said, adding that this approach helps make negotiations smoother.
According to the minister, recognising the economic concerns of both negotiating partners helps make discussions smoother and supports mutually acceptable outcomes.
With new trade agreements expected to broaden India’s access to international markets, the government is seeking to expand export opportunities while maintaining safeguards for sensitive domestic sectors.
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