Need To Protect Farmers, Fishermen, MSMEs, Says Piyush Goyal On The Pause In FTA Talks With The UK

Elaborating on the reasons behind the hold in the discussions, Goyal said that the matter remained confidential and refused to disclose specifics.

Union Minister Piyush Goyal said that the nation’s farmers, fishermen, and MSMEs (Micro, Small, and Medium Enterprises) should be shielded and the domestic manufacturers need to be provided equal opportunities, during an exclusive chat with The Indian Express at its Idea Exchange event. 

Sharing his views on the Free Trade Agreement (FTA) discussions with the UK in the session moderated by Editor Sandeep Singh, the minister said, “These are long sustaining agreements, so we ensure that they are fair, equitable and balanced. And unless we get that on our terms, we don’t rush into closing any FTA negotiation. A sticking point could even be as simple as one item, which may hold back talks for several months. But we are okay with it.”

Notably, the FTA discussions with the United Kingdom have been placed on hold recently and are set to resume after the completion of the Lok Sabha polls. Even in February, it seemed like the talks would be concluded soon and result in an agreement between the two countries. 

Addressing the change in the negotiations, Goyal said, “Every FTA negotiation stands on its own legs. The Modi government goes about these discussions very cautiously, with stakeholder consultation, and negotiates very hard from a position of strength. The world today knows that when you are negotiating with India, you’re doing so with a $35 trillion economy, not a $3.5 trillion economy. For FTAs, one has to do crystal-gazing into the future and see what is good for the country over the next 20, 30 or 50 years.”

Goyal maintained that India will sign the FTA on its own terms. “The country’s farmers, fishermen, MSMEs (Micro, Small and Medium Enterprises) have to be protected, domestic manufacturing has to have a level-playing field and there has to be transparency on both sides in how countries operate. We have to ensure that we do not allow people to come in from unfriendly countries through the backdoor. So, many significant issues have to be balanced in a larger perspective. Therefore, we never rush into an FTA.”

Elaborating on the reasons behind the hold in the discussions, Goyal said that the matter remained confidential and refused to disclose specifics. At the same time, he stated, “We are a potential superpower and given our growth trajectory, nobody in the world has any doubt this is the country to trade with. So we have to negotiate hard and get the best deal for India.”

The Union Minister also appreciated the United Kingdom government and said, “They put an extra foot forward as did we. But there will always be reasons why some things don’t close and probably the right time for this has not come."