Piyush Goyal Highlights India's Stronger Global Trade Role at ASSOCHAM Meet
“The days when India signed imbalanced FTAs are over. Today, we know our strengths, we safeguard them, and we negotiate accordingly,” Shri Goyal said.
- Country:
- India
At the 105th Annual General Meeting and Conference of ASSOCHAM held in New Delhi on October 17, 2025, Union Minister for Commerce and Industry, Shri Piyush Goyal, delivered a comprehensive address outlining India’s growing confidence in global trade negotiations, robust economic fundamentals, and evolving strategy in forming balanced Free Trade Agreements (FTAs). His speech underscored India's transformation from a position of vulnerability to one of strength in the global economic landscape.
India Negotiates Trade Deals with Confidence, Not Compromise
Opening his remarks, Shri Goyal emphasized that India now negotiates from a position of strength, a far cry from earlier eras when FTAs were signed without full consideration of the nation’s strategic and economic interests. The minister explained that India now prioritizes balanced agreements with countries that do not directly compete with India in key manufacturing sectors, ensuring that Indian industries gain from market access without facing unfair competition.
“The days when India signed imbalanced FTAs are over. Today, we know our strengths, we safeguard them, and we negotiate accordingly,” Shri Goyal said.
He reiterated that India’s new generation FTAs are mutually beneficial, designed to enhance exports, attract investments, and facilitate technology collaboration—all while protecting domestic industries.
Strategic FTAs with Long-Term Vision
Shri Goyal pointed to recent trade agreements with Mauritius, Australia, the United Arab Emirates, and the European Free Trade Association (EFTA) as examples of India’s strategic and balanced approach. These FTAs, he said, are tailored to:
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Open doors to high-income markets
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Promote industrial cooperation and innovation
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Strengthen supply chain resilience
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Attract investments in advanced technologies and manufacturing
He added that these agreements are not just about trade but about positioning India as a global manufacturing hub and encouraging collaborative research and skill development.
Strong Economic Fundamentals and Global Trust
The Minister proudly stated that India’s foreign exchange reserves stand at around USD 700 billion, a reflection of the country's strong macroeconomic fundamentals. He noted that India’s economic performance, even amid global challenges, has earned it a reputation as a resilient and trusted global trade partner.
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IMF revised India’s GDP growth forecast upward to 6.6%
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Retail inflation dropped to 1.54% in September 2025, the lowest in eight years
He declared that the Indian passport now commands global respect, and the world sees India as a vital partner in global commerce.
India’s Development Vision Anchored in Panch Pran
Linking economic policy to national ambition, Shri Goyal invoked the “Panch Pran” (Five Vows) announced by Prime Minister Narendra Modi on 15 August 2022:
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Goal of a Developed India by 2047
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Removing colonial mindset
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Pride in our roots
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Unity
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Citizen duty consciousness
These principles, Shri Goyal said, guide India’s trade and industrial policy decisions to ensure self-reliance with global integration.
India’s Clean Energy, Services, and MSME Growth
The Minister reaffirmed India's commitment to sustainability, noting that the country has already achieved 250 GW of renewable energy, representing 50% of its power grid, and is on track to achieve 500 GW by 2030.
This clean energy progress positions India as an ideal destination for data centres and green investment.
He also emphasised that services exports are likely to surpass merchandise exports in the next two years, citing India's core strength in sectors such as:
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Information technology
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Financial services
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Business process outsourcing
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Tourism and education
Rare Earth Elements and Recycling Innovation
In a nod to innovation and sustainability, Shri Goyal revealed that the government is collaborating with start-ups to extract rare earth elements like loam and aldo through waste recycling. Discussions are underway to establish rare earth processing facilities in India, currently dominated by select geographies globally. These efforts are aimed at reducing external dependencies and building domestic capability in critical technologies.
Supply Chain Resilience: A National Priority
Reflecting on the lessons from recent global disruptions, the Minister underscored the need to build secure, self-reliant, and diversified supply chains. He said that India is actively mapping value chains and encouraging local capacity development.
“Every stakeholder must regularly assess their supply chains—from raw material sourcing to final distribution. We must reduce our dependence on a few geographies to avoid future vulnerabilities.”
Shri Goyal called for robust collaboration between public and private sectors to build India’s own reliable and export-capable value chains under the umbrella of Aatmanirbhar Bharat.
MSME Empowerment and Industry Collaboration
The Minister acknowledged the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), noting that organisations like ASSOCHAM play a crucial role in addressing them. He praised ASSOCHAM’s efforts in:
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Supporting start-ups and MSMEs
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Facilitating policy dialogue
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Encouraging international trade cooperation
He encouraged continued teamwork, innovation, and dedication, stating:
“With shared resolve and a clear vision, India can and will become a developed and self-reliant nation by 2047.”
A Confident India in Global Trade
Shri Piyush Goyal’s address painted a picture of an India that is assertive, confident, and strategically engaged in global trade. With a renewed focus on balanced FTAs, sustainable growth, resilient supply chains, and technological leadership, India is poised to shape the future of global commerce while staying true to its development goals.
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