Union Commerce and Industry Minister Piyush Goyal has described the landmark trade agreement between India and the European Union as a “holistic and comprehensive vision of a developed India”, asserting that it will protect labour-intensive sectors while generating millions of jobs.
Speaking in an exclusive interview with India Today, Goyal said the deal was designed to balance growth with inclusion, ensuring that India’s domestic strengths are safeguarded even as global markets open up.
‘Confidence and conviction in policymaking’
The Minister criticised the earlier United Progressive Alliance (UPA) government, saying trade negotiations with the EU were aborted in 2013 due to a “lack of courage of conviction” and a weak grasp of economic fundamentals.
“In contrast,” Goyal said, “the government under Narendra Modi has shown confidence in engaging with the world while keeping India’s core interests protected.”
Eight FTAs in four years
Highlighting India’s recent trade diplomacy, Goyal noted that India has entered into eight free trade agreements with 37 developed nations over the past four years. According to him, these agreements are structured to insulate the Indian economy from global volatility while simultaneously attracting capital, advanced technology and global best practices.
He said such partnerships are crucial to India’s long-term economic strategy, particularly as the country aims to achieve developed nation status by 2047.
Jobs, growth and global integration
Goyal emphasised that the India-EU deal recognises the complementarities between India and developed economies. “These complementarities allow markets to flourish,” he said, adding that they would improve quality standards, boost exports and create large-scale employment.
He stressed that labour-intensive sectors would be safeguarded, ensuring that growth translates into tangible benefits for ordinary citizens.
‘Opportunities for 140 crore Indians’
The Minister said the broader objective of India’s trade strategy is to create better economic opportunities for all 140 crore Indians. By combining domestic capability with global collaboration, he said, India can ensure sustainable growth, higher incomes and improved living standards.
“The vision is clear,” Goyal said, “to build a confident, globally integrated India that grows stronger while providing prosperity and opportunity for every citizen.”