India Negotiates Trade Deals from a Position of Strength and Confidence, Says Commerce Minister
Commerce and Industry Minister Piyush Goyal has declared that India is currently negotiating trade agreements from a position of significant strength and confidence. This assertion comes in the wake of a recent agreement on tariffs between India and the United States, which is widely viewed as a crucial initial step toward finalizing a comprehensive bilateral trade agreement (BTA).
Leveraging Future Economic Potential in Negotiations
In an exclusive interview with PTI Videos, his first since the India-US tariff accord, Minister Goyal emphasized that India's negotiating power stems from its immense future economic potential. "That's what is our negotiating strength," Goyal stated, highlighting the country's ambitious growth trajectory.
He elaborated by pointing out that while India is currently a $4 trillion economy, it is projected to expand dramatically to become a $30–35 trillion economy by the year 2047, when it aims to achieve developed economy status. "Today, India negotiates from a position of strength. I start by saying look we are a $4 trillion dollar economy today, but it is going to be $30-35 trillion by 2047, when we are a developed economy," Goyal explained.
Confidence in Offering a Massive Future Market
The minister underscored the confidence that India now possesses in international trade discussions, rooted in the substantial economic opportunities it promises to deliver. "And that is the confidence that India has today, that delta of opportunity from $4 trillion to $30-35 trillion, that is the future we offer," he added. This perspective positions India not just as a current market but as a future powerhouse, offering unparalleled growth prospects to trading partners.
Goyal's remarks reflect a strategic shift in India's approach to trade diplomacy, where the nation's long-term economic vision is leveraged as a key asset in negotiations. The recent tariff agreement with the US is seen as a testament to this strengthened stance, paving the way for deeper economic cooperation and more favorable terms in upcoming trade deals.
As India continues to engage in global trade discussions, this confidence and strength are expected to play a pivotal role in shaping agreements that align with the country's developmental goals and economic aspirations.
