Union Commerce and Industry Minister Piyush Goyal on Friday outlined the contours of India’s evolving trade framework and reform agenda, asserting that New Delhi now negotiates from a position of strength and shapes global agreements on its own terms. Delivering the keynote address at theET NOW Global Business Summit (GBS) 2026, Goyal said India’s recent free trade agreements (FTAs), particularly the recalibrated trade understanding with the United States, mark a structural shift in how the country engages the world.
The Union Minister made it absolutely clear that the recent trade deals were finalised keeping in mindIndia's interestand there was no compromise while arriving at any agreement. His comments come at a time when the Opposition has slammed the Modi government for compromising on farmers' interests in the India-US trade deal.
"When we did the US agreement, it was very clear that we needed to protect our farmers, and therefore, in all the main areas in which our farmers had high production or have helped us become self-sufficient, we were able to keep out of the FTA," the minister clarified.
Framing the trade deals as growth catalysts, Goyal pointed to a turning point forIndia’s textile industry.
"For a long time, we've been discussing why India's textile sector isn't growing. We couldn't even compete with countries like Vietnam and Bangladesh. Now, with the textile sector open to Europe without any duty, and the United States reducing the reciprocal tariff from 25% to 18%, we can compete with the rest of the world," the Union Minister said.
The remarks come amid efforts to deepen market access in developed economies while securing tariff rationalisation from Washington, a key demand from Indian exporters. The minister positioned the tariff reduction by the US as a competitive breakthrough that levels the playing field for Indian manufacturers.
Goyal underlined that India’s new-generation FTAs are rooted in a clear framework. "FTA deals based on 3 principles – Trust, Transparency and Time-bound certainty."
He cited the India-EFTA agreement as an example of how New Delhi is rewriting the template for trade partnerships.
"We never heard before of the India-EFTA free trade agreement and EFTA is our agreement with Iceland, Liechtenstein, Norway and Switzerland – the four nation bloc. We had never heard before free trade agreement in which nations were committing a legally binding commitment to invest in India a hundred billion dollars as foreign direct investment…with a condition that if they do not invest money in a defined time frame, India can claw back the concessions given under the FTA," he said.
The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway and Switzerland.
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