India Does Not Rush into Trade Negotiations, Follows Careful and Calibrated Approach: Piyush Goyal
In a recent statement, Union Minister of Commerce Piyush Goyal highlighted the Indian government’s cautious and methodical strategy in dealing with Free Trade Agreements (FTAs). He noted that the government’s approach to trade negotiations is neither hasty nor impulsive, acknowledging the long-term impact FTAs have on the country.
During his participation at the Raisina Dialogue 2024, Goyal shared insights on the rigorous process involved in FTA negotiations, including thorough consultations with stakeholders and meticulous inter-ministerial meetings. This comprehensive approach ensures that the FTAs are fair, equitable, and balanced, ultimately serving the nation’s interest effectively.
With the upcoming WTO Ministerial Conference 13 (MC13) scheduled to take place next week in Abu Dhabi, UAE, Goyal discussed India’s preparedness. He expressed concerns over attempts to introduce non-trade issues into the World Trade Organisation’s (WTO) agenda. India, under Goyal’s leadership, aims to safeguard the WTO’s founding principles and advocate for essential reforms to strengthen the organization, emphasizing the importance of a fair and robust multilateral trading system.
The minister also addressed the Carbon Border Adjustment Mechanism (CBAM) introduced by the European Union (EU), pointing out India’s reservations regarding the tax imposition. Goyal assured that India would tackle the issue within the WTO framework and through bilateral discussions with the EU, aiming to transform this challenge into an opportunity.
Goyal underscored India’s readiness to become a part of the global value chain by promoting competitiveness and self-reliance. He highlighted the nation’s large domestic market and innovative capacity as key factors that position India as an attractive investment destination.
The government’s commitment to transforming the Indian economy was reiterated by Goyal, mentioning various initiatives aimed at performance, reform, and transformative action. Under Prime Minister Narendra Modi’s leadership, the focus has been on ensuring that welfare schemes reach the intended beneficiaries effectively. Projects related to food security, healthcare, education, housing, and infrastructure have been prioritized for public welfare.
Goyal cited several transformative initiatives such as Make in India, Startup India, Digital India, and Production-Linked Incentive (PLI) schemes. These efforts have played a significant role in shaping India into the fastest developing large economy, fostering both private and public investment in infrastructure and manufacturing sectors.
He expressed optimism about India’s journey towards becoming a developed nation by 2047, propelled by strong macroeconomic fundamentals and a suite of government initiatives designed for holistic development and growth.
