India has earned world's trust, nations keen to forge trade agreements: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Tuesday said almost every region in the world is seeking to enter into trade agreements with India, as the country has “earned the trust of the world,” supported by its growing economic strength and capabilities across key sectors.

Addressing the Young Leaders Discourse Forum at Kirori Mal College in New Delhi, Goyal said India is aggressively pursuing preferential market access for its key export sectors, including textiles, pharmaceuticals, footwear, leather, gems and jewellery, and marine products through trade agreements. “Today, we have earned the trust of the world... Almost every region in the world is vying to do a trade agreement with India because they find in India a trusted partner..." he said.

Highlighting India's export performance, he said India's exports grew 14 per cent y-o-y to $480 billion during the April-September period, with another $520 billion expected in the remaining six months. As per Goyal, the country’s total exports will reach $1 trillion in the current financial year. Explaining India's approach to trade negotiations, Goyal said, “We have two critical ways of negotiation. One is our offensive sectors, where there are a lot of opportunities. These would be things like textiles. It'll be processed foods, our fish, marine products.”

Highlighting India's manufacturing and export strengths, the Minister said the country has significant capabilities in footwear, leather products, gems and jewellery, and pharmaceuticals. “We are called the pharmacy of the world for our strength in pharmaceuticals. So, these are all our offensive interests, where we work to get preferential market access, where our duties imposed on goods from India will be less than from our competing nations like Indonesia, Malaysia, Vietnam, China, Philippines,” he added.

He further stressed, India's objective in trade negotiations is to secure lower import duties on Indian products compared. Goyal also highlighted India's growing international standing, saying the country's contributions during global crises have strengthened its reputation as a reliable partner. “They look up to your talent. They understand your capabilities. They remember and recognise that in difficult times, India came to their rescue,” he said.