New Delhi: Union Commerce Minister Piyush Goyal on Wednesday said India will maintain a “slow and steady” approach on the issue of trade deals, adding that while trade discussions with the United States were progressing well, complexities were leading to the deal taking more time.
“Our (trade) discussions with US have been going extremely well. Trade deals are not simple, there are lots of complexities and one has to look at the next 10-30 years,” said Goyal at an event here.
“I would rather study every aspect of every negotiation in greater detail and make sure that I'm not letting go of the national interest, the interest of small businesses and the interest of the domestic industry at all,” he said, adding that no trade agreement will be rushed through and the government will look at the interests of the country first.
The minister said that the BJP-led government would remain extra careful and approach trade deals with caution, saying that deadlines cause rush and can compromise national interest.
“Some of the trade deals from 2009-2011 were done in a rush in the past and transactions were closed are a matter of concern for India as a nation. And I would rather go slow and steady,” he said. “The talks with the US may take longer, but they will yield better results.”
Goyal also spoke about black money and bringing down the level of cash in the economy.
“We have to see how we can bring down the level of cash in the economy. Cash as a percentage of Gross Domestic Product (GDP) needs to be reduced. We should be ready for any or every step needed to curb black money but there is nothing on the table as of now,” he said.
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