India willing to engage the world for embracing global value chains
The Government follows a careful and calibrated approach in negotiating Free Trade Agreements (FTAs) and there is no rush to conclude such pacts which impact the economy for several years, says Commerce & Industry Minister Piyush Goyal.
Speaking during an interaction at the Raisina Dialogue 2024, Goyal said that extensive stakeholder consultations, inter-ministerial meetings, etc. are conducted during FTA negotiations to ensure that these trade pacts are fair, equitable and balanced.
For the upcoming WTO Ministerial Conference 13 (MC13) to be held 26-29 Feb in Abu Dhabi, Goyal assured that India will try to ensure that the guiding principles of WTO are maintained.
He noted that there are attempts to include issues in the WTO that are not part of world trade, said the Minister, highlighting India’s role in the past WTO MCs. https://www.worldstopexports.com/worlds-top-export-countries/
He expressed strong support for making the organisation stronger with the necessary reforms, pointing out 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 https://www.wto.org/ (WTO). “We 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.
The large domestic market coupled with the nation’s ability to innovate will make India the best destination for investments, underscored the Minister. “The government undertakes initiatives to perform, reform and transform the economy to ensure that India becomes a developed nation with strong macroeconomic fundamentals.”
The Government has undertaken initiatives for food security, healthcare, education, housing, infrastructure, etc. for public welfare.
He 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 pointed out that these initiatives encourage private and public investment in infrastructure and manufacturing which will help India become a developed economy by 2047. Fiinews.com
