New Delhi [India], April 15 (ANI): Congress leader Sachin Pilot on Tuesday emphasised the need for India to adopt a carefully curated and stakeholder-driven trade policy amid rising global tariff actions and shifts in international trade dynamics.

'I think India stands to lose a lot if you don't have the most prudent steps going forward, and we can also take advantage of the space that may be vacated, perhaps by Chinese exports,' Pilot said while speaking to the media in Delhi.

Pilot said India must approach the situation with a nuanced strategy and collaborate across political and economic lines.

'Our policy has to be nuanced. It has to be curated by taking all stakeholders on board for a substantive discussion on how to move forward,' he said.

He cited recent global developments in trade policy, including tariff actions by major economies.

'So far, Mexico and Canada have imposed counter-tariffs. European Union has also announced tariffs. Donald Trump has actually been held back for three months because of internal pressures,' Pilot noted.

He also remarked on India's elevated status in the global economy.

'At this time, India is a much larger global player, and I think our footprint is much bigger than it was some time ago,' he said.

Pilot urged the government to engage in wider consultations to ensure India's economic interests are safeguarded.

'We really should be moving forward, and the government really should be engaging in discussions with opposition parties, stakeholders, and trade bodies and figure out what is in our self-interest. India's economic interest has to be protected,' he added.

Meanwhile, Commerce Secretary Sunil Barthwal on Tuesday said that reciprocal tariffs are both a challenge and an opportunity for India with the government negotiating a bilateral trade deal with the US.

'There are both concerns and opportunities for India in terms of the current tariffs, but India has already taken a path where we will be going for trade liberalisation with the US,' he said.

'There is a clear pathway, which we have decided at the leaders' level, and then subsequently, the meetings have been held and negotiations are going on, and we have taken a path of trade liberalisation and bilateral trade agreement. So if we are on that path, if we follow that path, then I think India's trade with the US will improve, which we are already targeted at about USD 500 billion, but that will also open a lot of opportunities for India and for the US as well,' he added..

Earlier in the week, US President Donald Trump paused the reciprocal tariffs on dozens of countries that have engaged in negotiations with the US administration.

However, the 125 per cent tariff levied on China will continue. As per the new conditions, during these three months, a reciprocal tariff of 10 per cent would be in effect on countries that have engaged in trade negotiations with the United States. (ANI)