Union Minister of Commerce and Industry Piyush Goyal on Friday said that India now negotiates trade agreements from a position of strength, reflecting its growing economic confidence and global stature. Speaking at the 105th Annual General Meeting of ASSOCHAM in New Delhi, he said India is engaging primarily with nations that are not direct competitors, ensuring that trade partnerships remain balanced and mutually beneficial.

Goyal highlighted that this strategic approach safeguards domestic industries, promotes exports, and creates opportunities for investment and technology collaboration. He noted that India’s foreign exchange reserves remain robust at around USD 700 billion, underlining strong economic fundamentals.

Referring to India’s Free Trade Agreements (FTAs) with Mauritius, Australia, the UAE, and the European Free Trade Association (EFTA) countries, the Minister said these pacts mark a new chapter in India’s trade engagement. They are designed to promote industrial collaboration, enhance supply chain resilience, and support India’s goal of becoming a global manufacturing hub.

Goyal emphasised that India’s trade policy now focuses on protecting national interests while pursuing equitable and sustainable growth. He also underlined the government’s efforts to improve the ease of doing business, decriminalise laws, and simplify compliance procedures.

Highlighting India’s commitment to sustainability, Goyal said the country has already achieved 250 gigawatts of renewable energy capacity and aims to reach 500 GW by 2030. He added that India’s services exports are expected to surpass merchandise exports within two years, reflecting the sector’s growing strength.

The Minister also stressed the importance of resilient supply chains, urging industries to enhance domestic capacities and reduce dependence on limited geographies. He praised ASSOCHAM for its contribution to policy dialogue and support for MSMEs and start-ups, reaffirming India’s resolve to become a developed and self-reliant nation by 2047.