Equity, balance, fair trade key in any FTA with India, Goyal says

India enters into free trade agreements (FTAs) with “transparent, open countries,” where governments’ economic systems align with New Delhi’s, Union commerce and trade minister Piyush Goyal said this week.

“India looks for equity, balance, and fair trade when negotiating an FTA,” Goyal said while delivering his keynote address on Tuesday at the 27th CITIC CLSA India Forum in Mumbai.

Goyal’s statement comes a day after Prime Minister Narendra Modi and British Premier Keir Starmer announced that negotiations on the India-UK FTA will resume soon. Both leaders met in Rio de Janeiro, Brazil, on the sidelines of the 19th G20 summit.

Adding that empowering Indians to aspire has been the government’s priority for the last decade, Goyal said, “India uses the 4D advantage of democracy, demographic dividend, demand for goods and services.”

Goyal urged participants at the forum to continue investing in the country and noted that “the delta of opportunity India provides as it grows towards a Viksit Bharat by 2047 makes it the best business destination for the world.”