Synopsis
Piyush Goyal emphasizes India's commitment to the WTO framework while advocating for essential reforms. He highlights the need for clarity on trade rules and the potential for India to reshape global trade.Key Takeaways
- India remains committed to the WTO framework.
- Reforms in WTO are essential for fairness.
- Focus on clarity in e-commerce and agricultural policies.
- India is poised for significant economic growth.
- Partnerships with trustworthy nations are crucial.
New Delhi, April 12 (NationPress) India will consistently operate under the World Trade Organisation (WTO) framework; however, reforms within the WTO are crucial, stated Piyush Goyal, the Union Minister of Commerce and Industry. He emphasized the nation's dedication to multilateralism.
Goyal highlighted the necessity to reevaluate the classification of developing nations and stressed the importance of clear guidelines regarding e-commerce, agricultural policies, and fisheries negotiations.
“Emerging economies will never gain a fair opportunity unless those responsible for overfishing agree to reduce their activities,” he remarked during the 9th Global Technology Summit.
Reaffirming India's allegiance to WTO principles, he stated, “India will always function within the WTO framework. Our bilateral agreements, which include those with the US and EU, are conducted within this structure.”
Goyal pointed out the potential for India to reshape global trade, particularly with reliable partners like the United States.
Describing India as the fastest-growing large economy globally, he asserted, “India presents a significant opportunity. In the next two to two-and-a-half decades, we are expected to grow eightfold, supported by the aspirations of 1.4 billion citizens, creating substantial domestic demand and recognized global economies of scale.”
The minister noted that in the past two years, at least eight high-level delegations have visited India, indicating a rising global interest in strengthening trade ties with the nation.
He emphasized that India’s existing tariff protections are primarily aimed at non-market economies that pursue unfair trade practices. “India is ideally situated to engage in bilateral partnerships with nations that prioritize reciprocity, trust, and fairness,” he remarked.
Addressing concerns about external influences on India’s trade policies, Goyal stated, “There is no pressure. The opportunities before India are genuinely exciting. Although our exports currently represent a relatively small portion of our GDP, our robust domestic market and ambitious youth are prepared to take Indian industry to a global scale.”
On the subject of China, Goyal asserted, “India will always prioritize its interests. Currently, there is limited foreign direct investment from China, which has historically been minimal. Our focus is on connecting with developed economies that adhere to ethical business practices.”
Regarding India’s talent pool, he mentioned, “India boasts a vast number of STEM graduates, with 43% being women. If faced with undue pressure, Indian innovators will rise to the challenge with research and development-driven solutions that are better tailored to our needs than those offered by others.”
