Commerce Minister Piyush Goyal has reaffirmed the government’s cautious approach to Free Trade Agreements (FTAs), stating that every concession granted has the private sector’s explicit approval. Speaking on February 18, 2026, Goyal emphasized that India has signed eight FTAs since 2022 from a position of strength, always prioritizing national interests like those of farmers, fisherfolk, and MSMEs.
In a direct response to concerns over trade openness, Goyal clarified that no ministry offers concessions without thorough consultations with stakeholders. This ensures balanced deals that boost exports without compromising domestic sectors. For instance, India has firmly kept its dairy market closed in negotiations with major partners like Australia, New Zealand, the US, and the European bloc. This protects millions of small farmers from competition by large, mechanized foreign producers.
Turning to the much-discussed India-US interim trade agreement—India’s ninth major pact—Goyal gave a strong assurance to farmers. “They will have no reason to complain once the full text is finalized and made public,” he said. The deal includes robust safeguards for sensitive areas such as dairy, wheat, rice, soyameal, corn, and key fruits. At the same time, it opens opportunities for Indian exports like basmati rice and cotton textiles, helping farmers earn more from global markets.
Goyal’s remarks counter opposition criticism, including from Congress leader Rahul Gandhi, who labeled the US deal a potential “betrayal.” The minister highlighted India’s strategic gains, such as diversifying oil imports and expanding market access, all while shielding local producers. This approach reflects three core principles in India’s FTAs: trust, transparency, and time-bound certainty.
Overall, Goyal’s statements underscore India’s evolved trade policy—firm on protections, open to opportunities. As the India-US agreement nears public release, it promises to exemplify this balance, fostering growth without risking livelihoods.
