Union Commerce and Industry Minister Piyush Goyal on Saturday defended the Modi government over the recent trade pacts with several countries, particularly with the United States (US), and said India's interests were protected while framing the deal. Goyal further stressed that India has secured one of the "best deals" among its competitors.
He was speaking at the Raisina Dialogue 2026 in New Delhi, when he said India can compete with the rest of the world, as it has become a confident nation. Talking about the India-US relationship, the union minister said that the alliance between them is 'multidimensional' that spreads far beyond the trade between them.
"India and US relations are strong. It's multi-dimensional. It's not only about trade. There is a huge technology overlay on it. There is a huge critical minerals partnership, a defence partnership... It's a partnership of two countries which will define the future," Goyal stated.
'RCEP not good for India'
During the interaction at the Raisina Dialogue, Goyal said Regional Comprehensive Economic Partnership (RCEP) will not be good for India. He said the deal would have served as a back door for Chinese goods in the Indian market.
"I don't know if anybody in this room believes that would have been good for jobs in India, for economic activity in India, for fair play in India. It would have been disastrous... stakeholder response, stakeholder consultation and feedback is extremely important in every FTA that we do," Goyal said.
Talking about the recent deal with the European Free Trade Association (EFTA), Goyal said it was a balance deal which helped India in securing USD 100 billion foreign direct investment (FDI).
"I was doing the free trade agreement with the four-nation EFTA block. That's Switzerland, Norway, Liechtenstein, and Iceland. Now I talked to them, and I said, already most of the products that you import are duty free in your country," he said.
"This deal entails a commitment of a hundred billion dollars that these four countries have to invest in India in a defined timeframe... And by the way, if they don't invest, I can claw back the benefits that I've given them in the free trade agreement," he added.