Trade deals a reality, but India First always: S Jaishankar ahead of pact with US
External Affairs Minister Dr S Jaishankar spoke about trade deals and negotiations and emphasised the need to assess their costs and benefits, especially in the current "uncertain and volatile world."
"Currently, we are engaged in three particularly important negotiations – the FTAs with European Union and the United Kingdom and the Bilateral Trade Agreement (BTA) with the United States. Just this week, we launched negotiations with New Zealand as well. A few others are already in the pipeline," the minister said.
"Trade Agreements have always occupied a salient position when it comes to global economic engagement. This is even more so now, a reality that India must recognise," the Minister said.
He further emphasised the need to weigh the price of action versus inaction, especially when it comes to India having access to sensitive technologies.
"In the current uncertain and volatile world, it is essential that we appreciate the value of such endeavours.
We have to carefully assess their costs and benefits, as well as weigh the price of action versus inaction. There could also be collateral benefits of such understandings, especially in sensitive technologies," he said.
S Jaishankar also assured that India would follow 'India First' approach.
The minister added, "India will obviously take an India First approach in this regard, with Viksit Bharat as the goal. Obviously, thinking will also be guided by the prospect of tapping unrealised potential in these relationships. Most of our earlier FTAs are with Asian economies, many of a competitive character. Introducing an overall balance by engaging the Gulf and Western economies has not just an economic logic, but a strategic one as well."
On Friday, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal had said that India remains engaged with the US administration at "various levels" to arrive at a mutually-beneficial trade agreement.
In line with his 'America First' policy, Trump earlier this month announced reciprocal tariffs on his partners and other nations that impose higher levies on imports from the US. On Wednesday, he said that he has a "very good relationship" with India but added that the country has too many high tariffs on the United States.
A day after US President Donald Trump reiterated his threat to impose reciprocal tariffs on India starting April 2, the Ministry of External Affairs (MEA) said on Friday (Mar 21) that both countries are actively working on a Bilateral Trade Agreement (BTA) to expand trade, enhance market access, strengthen supply chains and reduce tariff and non-tariff barriers.
MEA spokesperson Randhir Jaiswal said: “The two governments are working to build a framework for the BTA, which aims to expand trade, enhance market access, and reduce tariff and non-tariff barriers… The government of India remains engaged with the US administration at various levels to reach a mutually beneficial multi-sector bilateral trade agreement.”
“In this endeavour, our minister of commerce and industry visited the US from March 3 to 7 and held discussions with the US secretary of commerce and US trade representative.”
Jaiswal, however, did not directly respond to queries on whether India is expecting some kind of a waiver from Trump’s reciprocal tariff that comes into effect on April 2.
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