Two Cabinet ministers have told BJP-led NDA MPs that govt has engaged in “fair, equitable and balanced” trade agreements
NEW DELHI: Two Cabinet ministers have told BJP-led NDA MPs that govt has engaged in “fair, equitable and balanced” trade agreements with large, high income and complementary economies, unlike the UPA dispensation that signed FTAs with mostly “small, competing and low per capita economies” like SAARC and ASEAN, in what is being seen as the governing alliance’s efforts to ramp up its counter to opposition’s criticism over the issue.At the NDA parliamentary party meeting, commerce minister Piyush Goyal and fisheries minister Lalan Singh spoke on India’s free trade agreements and the growth in the fisheries sector, asserting that govt has ensured the protection of the interests of farmers, fishermen, MSMEs and the labour sector. The FTAs under the NDA govt will be a driver of the Indian economy through global trade, Goyal’s presentation said.India’s pre-2014 FTAs covered GDPs of USD 10 trillion compared to USD 60 trillion under the FTAs being entered by the NDA govt, they said.The standout presence in the meeting, which was attended by PM Narendra Modi, was the breakaway faction of 20 TMC MPs, whose merger with Nationalist Citizens Party of India is awaiting recognition from Speaker Om Birla. Their maiden participation announced their formal entry in NDA. Sources said the presentation on FTA (free trade agreement) at the closed door meeting accused Congress-led UPA of entering into trade deal with other countries without consulting stakeholders that ended up adversely affecting the economy.With Rahul Gandhi repeatedly accusing govt of selling out the country’s interests in its framework of trade agreement, whose details are still being negotiated, with the US, NDA is expected to step up its offensive, more so as the opposition may raise the issue in Parliament. Lalan SIngh said total fish production has increased from 95.79 LT in 2013-14 to 197.75 LT in 2024 25, with the country becoming second largest fish producers with a global share of 8%. Total sea food exports have doubled from Rs 30,213 cr to Rs 62,408 cr. “Despite US tariffs, India’s seafood exports showed resilience, rising from Rs 62,408 crore in FY 2024-25 to Rs 73,890 crore in FY 2025–26 (an increase of Rs 11,482 crore),” a presentation said, adding the European Union, the UK, New Zealand, Australia, Japan, Russia, South East Asia and Middle East are emerging as new markets. While the share of exports to the US reduced by 14% in value but it was offset by seafood exports to new markets.Another presentation said, govt has received “committed investments” of USD 100 billions from the European Free Trade Association and USD 20 billion from New Zealand.
