India shifts trade strategy: FTAs now focus on local industries
India is switching up its trade strategy, now focusing on free trade agreements (FTAs) with countries that actually help Indian industries grow, instead of competing with them.
This shift started after India left the China-led RCEP deal back in 2019, worried about cheap imports hurting local businesses.
Commerce Minister Piyush Goyal pointed to recent FTAs with Australia and the European Free Trade Association (EFTA) as examples of this new, more thoughtful approach.
Why the change? Global trade tensions and India's new approach
With global trade tensions rising, India's looking for smarter partnerships that protect local jobs and industries.
Goyal summed it up, saying these FTAs are "crafted with national interest at the core," designed to generate jobs, boost manufacturing, and strengthen the services sector, while opening new markets for Indian goods and services.
The big idea: India wants to boost manufacturing and jobs at home, learn from past trade mistakes, and stay competitive without risking its own economy.