Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal said that the government does not rush to conclude trade negotiations because Free Trade Agreements (FTAs) impact the country for several years and follows a careful and calibrated approach. During an interaction at the Raisina Dialogue 2024, the Minister said that extensive stakeholder consultations, inter-ministerial meetings, etc. are conducted during FTA negotiations to ensure that FTAs are fair, equitable and balanced.
For the upcoming WTO Ministerial Conference 13 (MC13) to be held next week in Abu Dhabi, UAE, Goyal said that there are attempts to include issues in the WTO that are not part of world trade and India will try to ensure that the guiding principles of WTO are maintained. The Minister highlighted India’s role in the past at the WTO MCs and expressed strong support for making the organisation stronger with the necessary reforms. Goyal said that WTO is important for a fair and robust multilateral trading system.
On the Carbon Border Adjustment Mechanism (CBAM) issue, Goyal said that India is concerned by the tax imposition of the European Union (EU) and will take up the issue within the rules of World Trade Organisation (WTO) and will also look to address the issue bilaterally with the EU. Further, the Minister assured the stakeholders that the government is conscious of the challenges and will work towards turning this challenge into an opportunity.
Goyal emphasised that India is willing to engage with the world and be competitive by embracing global value chains and becoming self-reliant. He said that the large domestic market coupled with the nation’s ability to innovate will make India the best destination for investments. The Minister stated that the government undertook initiatives to perform, reform and transform the economy to ensure that India becomes a developed nation with strong macroeconomic fundamentals. Goyal said that the aim of the welfare schemes is to reach the beneficiaries at the last mile.
Goyal said that the government under the leadership of the Prime Minister, Narendra Modi has undertaken initiatives for food security, healthcare, education, housing, infrastructure, etc. for public welfare. The Minister cited multiple initiatives like Make in India, Startup India, Digital India, Production-Linked Incentive (PLI) schemes, etc. that have transformed India into the fastest developing large economy. He noted that these initiatives encourage private and public investment in infrastructure and manufacturing which will help India become a developed economy by 2047.
