Mumbai: Union Commerce Minister Piyush Goyal in July reiterated that India will enter international trade agreements only when they align with the nation’s core interests. Speaking to the media at an event hosted by prominent industry body Assocham, the minister said India would proceed with any trade deal only if it proved beneficial.

Goyal noted that talks with the US are ongoing and that agreements will be finalized solely based on the country’s broader interests. “If it doesn’t serve our goals, we won’t go ahead. India always puts national interest first,” he asserted.

Indian and US delegations concluded the fifth round of discussions on the proposed bilateral trade agreement (BTA) in Washington this week. The negotiations spanned four days in Washington, DC. India’s delegation was led by Rajesh Agrawal, the chief negotiator and special secretary in the Department of Commerce.

The minister also highlighted India’s vast domestic demand. “We have significant imports that could be replaced by developing domestic industries capable of high-quality output,” he said. Addressing industry leaders and entrepreneurs at the event, Goyal stressed the need for a mindset shift within the micro, small, and medium enterprises (MSME) sector.

He called for a unified approach to growth, urging collaboration between small and large companies. “We must evolve our goals, guidance, and mindset. All companies, big or small, must grow together. Support one another and prioritize local interests,” he urged. Goyal also underscored the importance of research, innovation, quality, and scaling in MSMEs to compete globally.

The minister encouraged MSMEs to inform the government about non-tariff barriers affecting their operations. “Only when you inform us can we address these concerns during bilateral negotiations and work on solutions,” Goyal said.

On the broader economic front, he compared the current banking landscape with that of the previous UPA regime. Goyal stated that the Modi government has overhauled the banking sector. “Under UPA, banks suffered from surging non-performing assets (NPAs). We have transparently restructured the system. Today, the sector is robust and thriving,” he added.