India Struggles to Renegotiate Unfair FTAs with Japan, Korea, and ASEAN

Commerce and Industry Minister Piyush Goyal highlighted the slow progress in renegotiating FTAs with Japan, Korea, and ASEAN. These agreements, signed during the UPA regime, are viewed as disadvantageous to the domestic industry. Goyal urged the industry to support FTAs and called for better collaboration in market access and startup funding.

Commerce and Industry Minister Piyush Goyal acknowledged the sluggish pace of renegotiating free trade agreements (FTAs) with Japan, Korea, and ASEAN, which were initially implemented during the UPA regime. He described the deals as unfair and harmful to domestic industry.

Goyal noted that while India is keen to revise these pacts, the counterpart countries prefer the existing agreements. He also criticized domestic players for seeking duty concessions without offering reciprocal market access and urged them to align with national interests.

The minister called for greater industry involvement in government meetings and support for startups to prevent talented ideas from being sold off cheaply. Goyal emphasized that FTAs are a two-way street, requiring reciprocal cooperation for mutual benefits.