India to get preferential-access to markets worth $85T: Piyush Goyal
What's the story
India will soon gain preferential access to markets with a combined GDP of $85 trillion, Commerce and Industry Minister Piyush Goyal has announced. The announcement was made during his address at The Dilli Dialogue. He stressed that this move is part of India's strategy to achieve $1 trillion in exports by FY27 through free trade agreements (FTAs).
Trade negotiations
Balancing act in trade negotiations
Goyal said India's strategy in trade negotiations is to provide greater access to foreign markets while protecting sensitive domestic sectors such as farmers, fishermen, and MSMEs.
He emphasized that his approach in these negotiations is simple: "You respect my sensitivities, I will respect yours."
This balance is crucial for India as it seeks to expand its global trade footprint without compromising on domestic interests.
FTA impact
Successful FTA negotiations
Goyal highlighted India's successful negotiation of FTAs with Australia, New Zealand, the EU, and EFTA without compromising on sensitive sectors like dairy.
He also said that similar considerations were applied in trade talks with the US.
On automobiles, Goyal said India had carefully negotiated access to expensive imported cars under its agreements with the UK and EU while protecting domestic manufacturers through quotas.
Ongoing talks
Progress in trade talks with Canada
Goyal also revealed that India is progressing in its trade negotiations with Canada.
He stressed that the impact on MSMEs, farmers, and fishermen is positive through smarter negotiations.
The minister also spoke about India's efforts to strengthen supply-chain security by reducing reliance on one or two countries for essential goods.
This move comes amid rising imports, which could indicate increased domestic demand and investments in local manufacturing.