New Delhi: India will always work within the World Trade Organisation (WTO) framework but WTO reforms are essential, Union Minister of Commerce and Industry, Piyush Goyal, has said, adding that the country remains committed to multilateralism.
Goyal cited the need to reassess the definition of “developing countries” and called for clarity on e-commerce rules, agriculture decisions, and fisheries negotiations.
“Unless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance,” he noted at the 9th Global Technology Summit here.
Reiterating India’s support for WTO principles, he said, “India will always work within the WTO framework. Our bilateral agreements, including with the US and EU, operate within its scope.”
Goyal highlighted the opportunities that lie ahead for India in reshaping global trade, especially with trusted partners such as the United States.
Calling India the fastest-growing large economy in the world, Goyal said, “There 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.”
The minister 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.
He underscored that India’s current tariff protection measures are directed mainly at non-market economies that engage in unfair trade practices. “India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play,” he stated.
Refuting concerns about external pressure on India’s trade decisions, Goyal said, “There 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.”
On China, the minister affirmed, “India 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.”
Speaking on India’s talent base, he noted, “India has a vast pool of STEM graduates, with 43 per cent 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.”
(IANS)
