NEW DELHI: Prime Minister Narendra Modi attributed India's recent success in negotiating trade pacts to the country's robust manufacturing sector, thriving services industry, and dynamic Small and Medium Enterprises, positioning the nation to bargain from a place of strength. In an exclusive interview with the Press Trust of India, Modi highlighted how political stability and predictability have restored investor confidence, enabling these agreements.
Modi pointed to the recent progress with the Gulf Cooperation Council (GCC), a six-nation bloc of Middle Eastern countries, where India has inked terms of reference to formally launch negotiations for a Free Trade Agreement. This development underscores the government's proactive stance on expanding trade ties.
Under the current administration, the government has finalized as many as nine trade pacts in the last few years, encompassing 38 developed nations, according to official statements. These agreements reflect a strategic push to bolster India's global economic footprint.
Taking a sharp swipe at the previous Congress-led United Progressive Alliance (UPA) regime, Modi criticized its handling of trade negotiations, stating that India was unable to engage from a position of confidence during that period. He noted that discussions often initiated but subsequently stalled, yielding minimal results.
"During the UPA rule, talks would begin and then break down. A little real substance was achieved despite long negotiations," Modi remarked, drawing a clear contrast between the two eras.
In contrast, the National Democratic Alliance (NDA) government has prioritized reforms, with Modi emphasizing that this commitment is evident both in intent and execution. This reform-oriented approach has been key to transforming negotiation dynamics and securing tangible outcomes in international trade.
