Mumbai (Maharashtra)

Commerce Minister Piyush Goyal on Wednesday outlined an expansive vision of India's economic diplomacy, asserting that engagement, trust and negotiating from a position of strength have defined the country's recent trade successes.

"I think the first principle of economic diplomacy is that don't sit so far away from your stakeholders. Come closer to them," Goyal said at the Global Economic Cooperation Summit in Mumbai.

He emphasised that India is "at the forefront of building alliances, building friendships, aligning our own trade, our own investment imperatives with the rest of the world."

Framing India's long-term ambitions, Goyal noted that the country is working toward becoming a USD 30-35 trillion economy by 2047.

"We are looking for a USD 30-35 trillion economy by 2047 to power India into the league of developed nations. And that's how we'll bring prosperity to all people," he said.

He stressed that such growth cannot occur in isolation. "Gone are the days that one could live in economic isolation. One has to engage with the rest of the world. One has to expand international trading arrangements. You have to secure markets."

According to the minister, economic diplomacy today is rooted in expanding trade, securing investments, accessing best-in-class technology, and creating global opportunities for Indian youth and capital.

Goyal also addressed India's recent record of concluding eight or nine trade agreements within a short span, some of which had been under discussion for nearly two decades.

Summing up his approach in one word, he said: "trust."

"The day you can generate enough confidence in your counterparty that you can be trusted, and the day you trust the person on the other side, the country on the other side, the pathway becomes that much easier," he said at the Summit.

He pointed out that India has signed nine agreements since 2022, negotiating them "from a position of strength."

"Today, India doesn't engage as a meek country. We are not apologetic about some of the problems that we have. We are negotiating for the future," he said, describing trade agreements as long-term investments in India's growth trajectory over the next several decades.

At the same time, he underscored that national sensitivities remain paramount. Safeguarding farmers, MSMEs, fishermen and jobs have been central to negotiations.

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"We haven't opened dairy for any country whatsoever," he noted.

"When you're sincere, you're honest, when you are able to logically show your position and demonstrate your strength with full sincerity," he said, it becomes easier to secure favorable terms in deals.