India needs trade deals, can’t be isolated: Goyal

India will continue to seek newer markets through trade negotiations, including the RCEP, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also said the detractors of proposed trade deals should maintain silence until the framework is made public.

India will continue to seek newer markets through trade negotiations, including the Regional Comprehensive Economic Partnership (RCEP), Commerce and Industry Minister Piyush G oyal said on Wednesday. He also said the detractors of proposed trade deals should maintain silence until the framework is made public.

“We can’t have inefficient industries lobbying against import and Free Trade Agreements (FTAS) on the pretext that it'll affect them. Indian consumers can't be made to pay disproportionately high value for inefficiencies in a particular sector," the minister said at an event organised by the Confederation of Indian Industry.

“In a globalised world, remaining isolated is not going to help India in the long run. You cant have a situation where you expect all the benefits of multilateralism but will not give any benefit to anyone,” Goyal said, addressing trade experts and industry at the launch of the report by High-level Advisory Group for Exports. The statement comes less than a week before final talks commence on the controversial RCEP deal. Last week, Goyal had also batted for a comprehensive trade agreement with the United States.

While the government will never compromise on national security and national interest, G oyal warned that interest has to be decided in a broad way without a myopic vision. Arguing that the textile industry is hurting in the absence of trade agreements, Goyal said the government would seek to balance the i nterests of consumers with industry.

Earlier this year, a report on the RCEP commissioned by the CII and submitted to the government, had recommended that products — the trade of which is dominated by China — should not be included for tariff reductions under the RCEP. Earlier this month, ministries, including agriculture, steel, chemicals and MSME, among others, have also opposed the deal.

There is a high possibility of excess imports of milk and dairy products from major producer New Zealand. This has been cited by Indian dairy majors as a cause for concern. Rashtriya Swayamsevak Sangh affiliated Swadeshi Jagran Manch has also opposed the talks on various grounds.

Goyal argued a targeted campaign is bent on derailing talks. "Unfortunately a narrative has been sought to be made in our country particularly by a small microcosm of a few people, as if an international engagement that is being discussed at this stage, is going to kill India, its industry and farmers, This is based on completely baseless and nonsensical thoughts, and a kind of fear psychosis is sought to be created,” he said.

“Until the entire framework is in public domain, I would urge, there is no need to write editorials, or make comments or give interviews based on half baked theories and information,” the minister added.

Taking a dig at previous Congress regimes, Goyal said the current talks won't resemble the F TAS of the past, that came with time constraints. He added that he is willing to start discussions once again with the European Union on the long-pending proposed trade and investment deals. He also said India will open trade negotiations with Britain once the Brexit exercise is over.

“We can't have inefficient industry lobbying against import and FTAS on the pretext that it'll affect them. Indian consumers can't be made to keep paying disproportionately high value for inefficiencies in a particular sector”