Delhi, April 11
\nUnion Minister of Commerce & Industry, Shri Piyush Goyal delivered the Keynote Address at the 9th Global Technology Summit today in New Delhi, where he highlighted the opportunities that lie ahead for India in reshaping global trade, especially with trusted partners such as the United States.<\/p>\n
Calling India the fastest-growing large economy in the world, Shri Goyal said, \u201cThere is a delta of opportunity that India offers. In the next two to two-and-a-half decades, India will grow eight times, supported by the aspirations of 1.4 billion Indians. This creates a massive domestic demand and offers the benefits of scale that are being recognised globally.\u201d<\/p>\n
Shri Goyal shared that in the last two years alone, at least eight high-level delegations have visited India, signalling the world’s growing interest in forging stronger trade relationships with the country.<\/p>\n
The Minister underscored that India\u2019s current tariff protection measures are directed mainly at non-market economies that engage in unfair trade practices. \u201cIndia is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play,\u201d he stated.<\/p>\n
Refuting concerns about external pressure on India\u2019s trade decisions, Shri Goyal said, \u201cThere is no pressure. India being in a position of such opportunity is in itself very exciting. While our exports today form a relatively small share of our GDP, our strong domestic market and aspirational youth are ready to take Indian industry global.\u201d<\/p>\n
On China, Shri Goyal affirmed, \u201cIndia will always put its interests first. As of now, there is little FDI from China, and historically too, Chinese investments have been minimal. Our efforts are focused on integrating with developed economies that adhere to honest business practices.\u201d He reiterated that India\u2019s decision not to join the RCEP in 2019 has been vindicated by current global trends.<\/p>\n
Speaking on India\u2019s talent base, he noted, \u201cIndia has a vast pool of STEM graduates, with 43% being women. If undue pressure is exerted, Indian innovators will rise to the occasion with R&D-driven solutions better suited to our needs than what others can offer.\u201d<\/p>\n
On the global trading order, Shri Goyal stated, \u201cThe world cannot be viewed through a single lens. While developed nations enjoy prosperity, developing and least-developed countries must be given time and support to catch up. The WTO must recognise this and evolve accordingly.\u201d<\/p>\n
India remains committed to multilateralism, he added. However, reforms at the WTO are essential. Shri Goyal cited the need to reassess the definition of “developing countries” and called for clarity on e-commerce rules, agriculture decisions, and fisheries negotiations. \u201cUnless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance,\u201d he noted.<\/p>\n
Reiterating India’s support for WTO principles, he said, \u201cIndia will always work within the WTO framework. Our bilateral agreements, including with the US and EU, operate within its scope.\u201d<\/p>\n
On FTAs, Shri Goyal emphasised that while timelines are aspirational, national interest cannot be compromised to meet deadlines. \u201cEvery action must be equitable, fair, and mutually beneficial,\u201d he said.<\/p>\n
Regarding the EU FTA, the Minister acknowledged progress but pointed out challenges, especially around non-trade issues being linked with climate regulations. \u201cEurope must reconsider the non-tariff barriers it has created. These are becoming trade hurdles not just for India but for the global economy,\u201d he warned.<\/p>\n","protected":false},"excerpt":{"rendered":"
Delhi, April 11 Union Minister of Commerce & Industry, Shri Piyush Goyal delivered the Keynote…<\/p>\n","protected":false},"author":1,"featured_media":73,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[],"class_list":["post-20525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national"],"yoast_head":"\n