India adopts "India First" for future trade agreements

India's External Affairs Minister, S. Jaishankar, emphasized the importance of putting India's interests first in future trade agreements. He spoke at the BT Mindrush conference, highlighting that free trade agreements (FTAs) are now seen as strategic choices, not just economic tools. Jaishankar noted the growing significance of trade agreements amid global uncertainties. He stated that these agreements must balance engagement with Gulf and Western economies to serve both economic and strategic purposes. He called for India to reassess how it partners internationally, focusing on long-term benefits and key technologies. Experts believe Jaishankar's comments may signal upcoming trade announcements, particularly with the United States. By linking trade deals to access to sensitive technologies, he aims to prepare the public for the stakes involved. He framed these agreements as opportunities for strategic leverage rather than mere concessions. Currently, India is negotiating three major trade agreements: FTAs with the European Union and the United Kingdom, alongside a bilateral trade agreement with the United States. Jaishankar also mentioned new negotiations with New Zealand and other potential deals in progress. He urged a careful evaluation of these trade efforts, stressing the need to consider their costs and benefits in today's volatile world. Jaishankar reiterated the goal of "Viksit Bharat," or a developed India, as the guiding principle for the nation's trade strategy. He observed that earlier FTAs were mainly with Asian economies, often competitive in nature, and underscored the need for a more balanced approach. As negotiations with the U.S. continue, India is hopeful of avoiding tariffs scheduled to take effect on April 2.