Commerce and Industry Minister Piyush Goyal emphasized the significant changes in India’s trade approach through recent free trade agreements, including the interim deal with the US. Speaking at the ‘ET NOW Global Business Summit (GBS) 2026,’ Goyal assured that Indian farmers’ interests were safeguarded during the negotiations.
Goyal stressed the importance of protecting local farmers, stating that key agricultural sectors were excluded from the trade pact with the US to maintain self-sufficiency. He highlighted the positive impact on India’s textile industry, now able to compete globally following reduced tariffs in Europe and the US.
Addressing concerns over the textile sector’s growth, Goyal expressed optimism about India’s enhanced competitiveness, especially against countries like Vietnam and Bangladesh. He mentioned that India would enjoy similar textile export benefits as Bangladesh under the US trade agreement, ensuring fair treatment for Indian exporters.
Highlighting the principles guiding India’s free trade agreements, Goyal underscored the significance of Trust, Transparency, and Time-bound certainty in such deals. He also cited the India-EFTA agreement as a model for New Delhi’s evolving trade partnerships, showcasing the country’s commitment to rewriting trade norms.
