No more FTAs will be signed in rush, assures Piyush Goyal

Union Minister for Commerce and Industry, Piyush Goyal on Wednesday assured industries and state governments that no Free Trade Agreements (FTAs) will be signed in a rush.Speaking during the workshop on 'Make in India' with state industry ministers, Goyal made a clarification on the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement among 10 ASEAN countries and their six FTA partners China, Japan, India, South Korea, Australia and New Zealand.

"In terms of RCEP, I want to clarify that lots of wrong information are being spread all over the place. Let me ensure each one of you that India will no more sign any FTA in a rush, not in a weak leadership which have worked only on deadlines to execute FTAs. India will enter into a free trade agreement or comprehensive partnerships on our terms -- what is best for Indian people, what is in our national interest and what is good for the people of India and for the country as a whole," he said.

"We are careful once we are negotiating with agreements trade deals. Trade is a very complex subject. We have to factor in long terms implications and therefore any engagement which will do will result in a best for the people of India for our industry, MSME sector, for job creation and employment opportunities," Goyal added.

The minister also emphasised on the trade relations with other parts of the countries.

"We cannot remain in an isolated world. We have to engage with the rest of the world what is moving toward more and more global and India will have to finally balance, imperative to protect its domestic interest and also engage to the rest of the world. That is the fine balance the government is working on," he said.

"We will make sure we are the part of the world's international trading but will not compromise national interest, interests of industry and interests of people of India," Goyal remarked.

He underlined that necessary and adequate safeguards will be provided to Indian industries and ensure that they have sufficient potential to grow and new markets open for India in order to attract more investment.

"It's a two-way traffic. It has to be a win-win situation for both. No trade agreement, no international agreement can be done unless it's a two-way benefit and that's what we will ensure in our free trade agreements," Goyal said.

The minister also said that the sectors which are not suitable for India should be identified and cut out and there is a need to plan the country's domestic policy at both central and state levels.

"Industrial policy at the national level should have access to the state policies and the salient feature for states is that they will have the chance to be a part of the national policy. That way, the industrial policy will reach all part of the world along with the National Industrial Policy. I would urge each state to try and make a robust industrial policy. The Centre is always ready to help," Goyal further said.