Lack of bilateral pacts may hamper India's trade, investment positions

Commerce and Industry Minister Piyush Goyal on Tuesday said in Parliament future trade and investment talks would be based on reciprocity, only after India was assured of business growth and the security of its farmers and small businesses. His remarks came a day after he said the government would stop countries from participating in public tenders if Indian firms were accorded similar opportunities abroad. India’s stance on business talks with other nations have hardened at a time when criticism has mounted over investment pacts not yielding significant benefits even as free trade agreements led to rising trade deficit. Experts, however, say the lack of bilateral investment pacts with most major nations may hamper India's position. After unilaterally terminating pacts in 2016, India has pushed for individual deals based on Bilateral Investment Treaty. Three years later, few have materialised.