Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal, underscored the meticulous approach of the Indian government towards trade negotiations, emphasizing the long-term implications of Free Trade Agreements (FTAs) on the country's economy.
Speaking at the Raisina Dialogue 2024, Goyal highlighted the significance of extensive stakeholder consultations and inter-ministerial meetings in ensuring that FTAs are fair, equitable, and balanced.
As the upcoming WTO Ministerial Conference 13 (MC13) approaches, scheduled to take place in Abu Dhabi, UAE, next week, Goyal expressed concerns over attempts to include non-trade issues within the WTO framework. He reiterated India's commitment to uphold the guiding principles of the WTO and advocated for necessary reforms to strengthen the organization. Stressing the importance of WTO in maintaining a fair and robust multilateral trading system, Goyal affirmed India's historical role in the WTO Ministerial Conferences.
Addressing the contentious issue of the Carbon Border Adjustment Mechanism (CBAM), the minister expressed India's apprehension towards the tax imposition by the European Union (EU). He assured that India would raise the issue within the framework of the World Trade Organization (WTO) and explore bilateral discussions with the EU to address the matter. Additionally, the Minister reassured stakeholders of the government's awareness of the challenges posed by CBAM and its commitment to converting these challenges into opportunities.
Goyal emphasized India's willingness to engage with the global community and enhance competitiveness by integrating into global value chains while maintaining self-reliance.
He also highlighted India's vast domestic market and innovative capabilities as key factors that position the country as an attractive destination for investments. The Minister outlined the government's initiatives aimed at fostering economic growth and transformation, with a focus on welfare schemes to reach beneficiaries at the grassroots level.
Under the leadership of Prime Minister Narendra Modi, Goyal outlined various initiatives undertaken by the government to ensure public welfare, including initiatives in food security, healthcare, education, housing, and infrastructure.
He cited flagship programs such as Make in India, Startup India, Digital India, and Production-Linked Incentive (PLI) schemes, which have propelled India's growth trajectory, encouraging both private and public investment in critical sectors. Goyal expressed confidence that these initiatives would pave the way for India to emerge as a developed economy by 2047.
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