Union Minister for Commerce and Industry Piyush Goyal said that trust and a position of strength are the two pillars of India’s trade agreements. Addressing industry leaders and global stakeholders at the Global Economic Cooperation Summit in Mumbai, Mr. Goyal said India is at the forefront of building alliances, building friendships and aligning its trade and investment imperatives with the rest of the world. 

 

Stating that India has signed nine trade agreements since 2022, some of which had been under negotiation for nearly two decades, the minister asserted that modern economic diplomacy goes beyond trade volumes and focuses on attracting investments, securing access to cutting-edge technology, and creating global opportunities for Indian youth and capital.

 

Emphasising that India’s proposed trade agreement with the United States will not lead to a single complaint from farmers once the final text is made public, Mr. Goyal underscored that sensitive sectors such as farmers, MSMEs, fishermen and jobs remain central to negotiations, adding that India has not opened its dairy sector in any trade agreement. 

 

Mr. Goyal said India is today recognised as the world’s third-largest startup ecosystem. He informed that the country has over two lakh startups as compared to a mere 500 in 2016. Applauding Prime Minister Narendra Modi’s vision to encourage startups, Mr. Goyal said there was no lack of entrepreneurs, but added that the flavour of innovation and offering the consumer the same service in a better way is the core of being a startup.

 

Mr. Goyal reiterated that India is on track to become the world’s third-largest economy by 2027 and is working towards building a 30-35 trillion dollar economy by 2047.<>