Piyush Goyal rejects globalisation retreat, hints at new FTA deal

Piyush Goyal asserts globalisation is growing, not retreating, citing India's expected 5-6% trade growth. The Union Minister also revealed that India is close to finalising another significant free trade agreement (FTA) with a developed economy.

Globalisation is Expanding, Not Retreating

Union Minister of Commerce and Industry Piyush Goyal on Saturday rejected the narrative that globalisation is in retreat, asserting that global trade continues to expand despite geopolitical and economic turbulence. Speaking at the NDTV Profit Conclave 2026, Goyal also hinted that India is on the verge of concluding another major free trade agreement (FTA), underlining the country's growing leverage in global commerce.

"Globalisation is neither retreating nor taking a back seat. On the contrary, global trade continues to grow, despite all this turbulence," Goyal said, responding to questions on whether the world is moving away from free trade. He pointed to strong trade numbers, stating that India's combined goods and services trade is expected to grow by five to six per cent this year. "So whoever talks of globalisation being in retreat is ill-informed," he said.

A New Philosophy for Free Trade Agreements

Drawing a contrast with previous governments, Goyal criticised the trade negotiation approach of the UPA-era parties, including the Congress, DMK, Trinamool Congress and Samajwadi Party. He argued that earlier FTAs were largely signed with competing developing economies, putting Indian industries at a disadvantage.

"They did a free trade agreement with Japan, Korea, and the rest of the 30-odd countries. The Doom that did free trade agreements or preferential trade agreements were all our competitors... They gave concessions to countries like Indonesia and Vietnam, effectively shooting themselves in the foot," he said. In contrast, Goyal said the Modi government's philosophy has been to pursue trade agreements with developed economies that complement India's strengths. "Understand the philosophy of this government and how it is going to help Bharat grow," he said.

India's Economic Momentum and Negotiating Strength

Highlighting India's economic momentum, Goyal said the country remains the fastest-growing large economy and a compelling destination for global investors. "There is so much attraction for the India story today. We are a four trillion-dollar economy, and this will become a 30 trillion-dollar economy. That's the India story we are negotiating, and that strength helps me negotiate smarter and better," he said.

Goyal added that India's vast market opportunity, currently valued at around USD 26 billion and expanding rapidly, continues to draw international interest.

Progress on Multiple Trade Fronts

Signalling progress on trade talks, the minister said, "We are at the verge of closing another Free Trade Agreement," noting that several international engagements are moving at a fast pace. He said Canada has expressed interest in launching negotiations, with terms of reference currently under discussion, while talks have also been initiated with the Gulf Cooperation Council (GCC) countries. Goyal added that discussions are underway to expand a preferential trade agreement with the Mercosur bloc following expressions of interest during the Prime Minister's visit to South Africa.

Focus on Canada-India Relations

Meanwhile, Canadian Prime Minister Mark Carney is set to visit India in the first week of March. The Canadian Prime Minister's visit is likely to see the signing of deals on uranium, energy, minerals, and Artificial Intelligence.

Sources in the Ministry of External Affairs said there would be a key focus on trade during PM Carney's visit to India. (ANI)

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