Trade deals a reality, but India First always: S Jaishankar ahead of pact with US

External Affairs Minister S Jaishankar, addressing the Business Today Mindrush 2025, emphasized the significance of considering the costs of taking action compared to doing nothing during the ongoing trade agreement talks. Following the threats of reciprocal tariffs from United States President Donald Trump, the Centre has consistently emphasized that India’s interests will remain a priority and has confirmed that discussions are in progress.

Regarding trade agreements, S. Jaishankar mentioned that the Indian government is presently involved in three significant negotiations, including the one with the United States.

“Trade Agreements have always occupied a salient position when it comes to global economic engagement. This is even more so now, a reality that India must recognise. Currently, we are engaged in three particularly important negotiations – the FTAs with European Union and the United Kingdom and the Bilateral Trade Agreement (BTA) with the United States. Just this week, we launched negotiations with New Zealand as well. A few others are already in the pipeline,” the minister said.

He further emphasised the need to weigh the price of action versus inaction, especially when it comes to India having access to sensitive technologies.

“In the current uncertain and volatile world, it is essential that we appreciate the value of such endeavours. We have to carefully assess their costs and benefits, as well as weigh the price of action versus inaction. There could also be collateral benefits of such understandings, especially in sensitive technologies,” he said.

S Jaishankar also assured that India would follow ‘India First’ approach.

The minister added, “India will obviously take an India First approach in this regard, with Viksit Bharat as the goal. Obviously, thinking will also be guided by the prospect of tapping unrealised potential in these relationships. Most of our earlier FTAs are with Asian economies, many of a competitive character. Introducing an overall balance by engaging the Gulf and Western economies has not just an economic logic, but a strategic one as well.”