Actively pursuing trade pacts with reliable partners: EAM
External Affairs Minister S Jaishankar today said India is pursuing free trade agreements with multiple partners who are trustworthy, reliable and transparent.
Speaking at the Raisina Dialogue, Jaishankar noted that business decisions today were increasingly influenced by national security considerations. “In the digital era, it’s about trust and the comfort of doing business,” he said. “You want to engage with partners who make you feel more secure. You would rather take risks where your interests don’t clash. We are engaged in trade negotiations with the EU, the UK and the US,” he added.
The EAM described these three as growth markets, technology partners and strategic allies. “This is where Indian children are studying, and this is where our tourists go,” he added.
He stressed the need to bolster business while navigating the increasing weaponisation of financial flows and technology. “Export controls, tariffs and sanctions are a reality — countries use them. Over the past decade, we have seen a much greater weaponisation of nearly every aspect of economic activity,” Jaishankar said at the session ‘Commissars and Capitalists: Politics, Business and the New World Order’.
When asked how to counter the weaponisation of trade, Jaishankar said the best strategy is to stay “on the right side of the weapon so you don’t get hit” and to build relationships with more trustworthy partners who pose fewer risks.
He also emphasised the need for strong regulations on big data, trade deals and artificial intelligence (AI). “It matters where our data goes, who accesses it, who processes it and who develops AI based on our data. We cannot be agnostic in the digital era,” he said.
Meanwhile, Joel Kaplan, Chief Global Affairs Officer of Meta, responded to a question on data protection practices followed by Chinese and US companies. He stated that in the US, data access is granted only through lawful orders and is primarily used to combat sex trafficking, terrorism and other threats — actions that, he said, are consistent with democratic values. He argued that comparing US practices with those of China would be misleading.
Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri Italy, highlighted the need to modernise and revitalise shipbuilding. “Yes, we need tariffs for protection, but at the same time, Europe must re-industrialise and induct new technologies,” he said.
India, he added, can play a crucial role in this process. Notably, Fincantieri was the design consultant for the Indian Navy’s aircraft carrier, INS Vikrant.
