India seeking trade deals with rich, democratic countries: Goyal

Commerce Minister Piyush Goyal aims for trade deals with developed nations, distancing from past agreements with competitors.

Commerce and Industry Minister Piyush Goyal said the government was interested in doing trade deals with rich countries and democratic allies, as he distanced himself from previous governments’ efforts to explore deals with countries he considered competitors.

Mr. Goyal’s comments were made at the India Global Forum 2025 conference, during a conversation with Ian Blatchford at London’s Science Museum.

The government was focused on “entering into robust trade agreements with the developed world”, he said, contrasting it to the practice “15 years ago, when we were more focused on doing trade agreements with countries who are our competitors”.

Mr. Goyal referred to trade deals with ASEAN (Association of South East Asian Nations) countries, presumably meaning The Regional Comprehensive Economic Partnership (RCEP) negotiations. These talks had commenced in 2012 and India had begun exploring participation in this agreement a few years earlier under the Congress-led UPA government. He described this as “silly” because the countries in the region have now become the “B Team of China”.

Citing trade deals or negotiations with countries such as the U.K., Australia, Peru, the United Arab Emirates (UAE), and the European Free Trade Association countries, he said India’s products complemented and did not compete with these countries’ products.

“We don’t hurt their economies,” he said suggesting that a pair of jeans could be made most cost-effectively in India while medical devices (for instance) could be made most efficiently in economically developed countries. These arrangements would help India grow its innovation ecosystem, Mr. Goyal said, as he pushed for co-development.

“Let’s work together as friends and allies of the democratic world,” he added.