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Commerce and Industry Minister Piyush Goyal on Friday credited Prime Minister Narendra Modi’s leadership for India’s recent economic and trade successes, asserting that strong political direction has enabled the country to negotiate from a position of confidence on the global stage.
Taking centre stage at ABP Network's Ideas Of India Summit 2026, the minister spoke during a session titled, 'Master Of The Deal - Negotiating With Trust'.
The discussion unfolded against the backdrop of shifting global trade equations, where economic diplomacy is increasingly defined by strategy, speed and strategic recalibration.
Addressing questions around India’s recent trade engagement with the United States, Goyal said the situation remains fluid, particularly in light of recent developments, including the Supreme Court’s verdict and actions taken by the Trump administration. He said New Delhi is closely monitoring global developments and will adapt its approach as circumstances evolve.
While acknowledging that the broader framework is still developing, the minister maintained that India had secured a competitive agreement with the United States that serves national interests. According to him, sensitive sectors, ranging from agriculture and dairy to micro, small and medium enterprises, were carefully safeguarded during negotiations.
He stressed that protecting domestic industries remains a non-negotiable priority. Key agricultural segments such as dairy, rice, wheat, maize and soybean were kept outside the scope of the deal, he said, adding that similar protections would be ensured in future trade arrangements.
At the same time, Goyal described the United States as a strategic partner across multiple domains, including critical minerals, defence and technology. Trade, he noted, is only one dimension of a much broader relationship.
On Safeguard Duties And Solar Tariffs
Responding to concerns over steep duties on solar exports, including the 126 per cent levy, Goyal clarified that anti-dumping and safeguard duties operate independently of free trade agreements. Such measures, he explained, are based on domestic assessments and are not linked to the structure of bilateral trade deals with the US or any other country.
He added that India regularly reviews and imposes safeguard duties where necessary to protect the domestic industry, underlining that these mechanisms are standard practice in international trade policy.
Addressing Textile Concerns And Regional Competition
On questions relating to trade arrangements involving neighbouring countries, including Bangladesh, Goyal dismissed suggestions of disadvantage to the Indian industry. He said the framework allowing duty-free import of raw materials for the production of export goods is a widely accepted global practice and applies equally to India.
The minister also highlighted India’s recent gains in the textile sector. Zero-duty access for textiles to the European Union, duty exemptions for khadi exports to Oman and expanded access to other markets, he said, reflect the government’s efforts to strengthen the competitiveness of Indian producers.
He emphasised that structural differences, including variations in cotton production between India and the US, must be understood in context when assessing comparative advantages.
Energy Security And National Interest
On energy and oil policy, Goyal reiterated that India’s decisions are guided primarily by national interest. The welfare of 140 crore Indians, he said, remains at the centre of the government’s policy framework.
Throughout the session, the minister returned to a central theme: that every negotiation, whether on trade, energy or industrial policy, is calibrated to ensure long-term benefits for the Indian economy while preserving strategic autonomy.
Negotiating In A Volatile Global Climate
The theme of the session, ‘Master of the Deal - Negotiating with Trust’, reflects the growing importance of credibility and long-term partnerships in trade diplomacy. In an era marked by supply-chain realignments, protectionist undercurrents and strategic competition among major powers, trust has emerged as both a diplomatic currency and an economic imperative.
India’s recent trade engagements have unfolded in an environment shaped by tariff disputes, geopolitical tensions and shifting alliances. Negotiating trust, therefore, becomes not just a principle but a practical necessity, ensuring that agreements remain durable and mutually beneficial.
The session is expected to explore how India balances domestic priorities, including Aatmanirbhar Bharat, manufacturing expansion and employment generation, with its ambition to deepen integration into global markets. It may also examine how India positions itself as a reliable partner while retaining policy flexibility in an unpredictable global climate.
The Man Behind India’s Trade Negotiations
Currently serving as the Commerce and Industry Minister of India, Piyush Goyal leads the country’s trade negotiations, export strategy and industrial policy. In recent years, he has been at the forefront of discussions with major global partners, navigating tariff frameworks, market access demands and strategic economic partnerships.
A chartered accountant by training, Goyal brings a financial lens to policymaking. His reputation in government circles has been shaped by a detail-oriented approach and an emphasis on long-term structural gains over short-term optics. Colleagues and industry leaders often describe his negotiation style as firm yet pragmatic, focused on safeguarding domestic interests while seeking credible global integration.
Over the years, Goyal has held several high-profile portfolios within the Union government. He has served as the Leader of the House in the Rajya Sabha and has headed multiple ministries, including Consumer Affairs and Food & Public Distribution, Textiles, Railways, Finance, Corporate Affairs, Coal, Power, New & Renewable Energy, and Mines.
Ideas Of India 2026: The New World Order In Focus
The fifth edition of the Ideas of India Summit takes place on February 27 and 28, 2026, in Mumbai. Hosted by ABP Network, the two-day event unfolds at a pivotal moment as India moves closer to the centenary of its independence in 2047.
This year’s theme, ‘The New World Order’, reflects both ambition and introspection. The summit explores India’s journey towards becoming a developed nation, its Aatmanirbhar economy, economic resilience, technological transformation and cultural evolution. It also examines India’s expanding global footprint and the recalibration of international partnerships in a volatile geopolitical environment.
Broadcast live across ABP Network’s websites, social media platforms and YouTube channel, the summit brings policymakers, industry leaders and global thinkers together to debate the forces shaping India’s next two decades.
