Goyal says India not desperate to clinch trade deals: 'Days of negotiating from position of weakness gone'

Union commerce minister Piyush Goyal on October 17 said India will not negotiate free trade agreements (FTAs) from a position of weakness, claiming that days of discussing trade deals from a position of weakness are “gone”.

“Gone are the days when India would negotiate FTAs from a position of weakness and do imbalanced FTAs without recognising our strengths and be desperate to do FTAs often giving more than what we would we get in return,” the minister said during the annual general meeting (AGM) of ASSOCHAM.

The remarks come at a time when both India and the US are trying to reach an agreement for a trade deal. The relationship between New Delhi and Washington had soured after President Donald Trump imposed a 50 percent tariff on Indian goods, including a 25 percent penalty for buying Russian Oil. However, Trump on October 15 claimed that Prime Minister Narendra Modi has promised to stop the purchase of Russian oil during a private conversation. The ministry of external affairs, however, said no such conversation has taken place.

Goyal said the goal of becoming a developed nation by 2047 is “only a medium-term target” and not a goal in itself and would like to see country’s per capita income grow to over $20,000.