Minister discussed CBAM impacts on Indian exports in Geneva
Commerce and Industry Minister Piyush Goyal has highlighted that developed countries have not fulfilled Paris commitments including funding of US$100 billion in low-cost, long-tenure finance and technology transfers https://www.commerce.gov.in/.
Speaking at the XVIth Session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva 22 Oct, he has also called for South-South cooperation for genuine solutions, especially in industries including critical minerals access, fertilizers and supply chain management https://www.nseindia.com/.
The Minister offered support to developing nations in technology, cooperation and building resilient supply chains. Trade serves as a development tool. Together, nations can build a future for all.
Goyal underlined India’s sustainability leadership, pointing out that half of the country’s installed power capacity comes from renewables. Current clean energy stands at 250 GW with aim to install 500 GW by 2030. India is taking measures against climate change impactshttps://www.iea.org/ .
“Yet India contributes only 3.5% to global emissions despite hosting 17% of the world’s population,” said the Minister, rejecting burden-shifting or environmental trade barriers https://www.bseindia.com/.
He underlined the need for a dedicated approach to sustainable development. This includes tailored, actionable solutions. Key global initiatives feature the Coalition for Disaster Resilient Infrastructure, International Solar Alliance, and Global Biofuels Alliance, building partnerships.
India is a pioneer, trusted by the developing countries and developed world alike, for its independent policies, growth, and commitment to progress, he informed delegates at the 16th Session of the United Nations Conference on Trade and Development (UNCTAD XVI).
The Minister highlighted that UNCTAD can play a key role in harnessing trade for equitable, inclusive, sustainable development.
He also addressed the Ministerial Roundtable on “Towards Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics.”
On the sidelines of the Geneva meeting, Goyal held bilateral meetings to strengthen international partnerships. With Teresa Ribera Rodriguez, Executive Vice President of the European Commission for Clean, Just and Competitive Transition, the Minister discussed the impact of Carbon Border Adjustment Mechanism (CBAM) on Indian exports, especially steel secto and ensuring that the clean transition does not create dependencies https://fieo.org/ .
In his meeting with Rebecca Grynspan, Secretary-General of UNCTAD, the emphasis was on advancing UNCTAD’s role in equitable economic transformation, deficiency in meeting the Paris Agreement commitments by developed countries, unjustified unilateral measures and South-South cooperation.
The visit reaffirms India’s commitment as a trusted partner in global trade and development, aligning with the UNCTAD XVI theme of “Shaping the Future: Driving Economic Transformation for Equitable, Inclusive, and Sustainable Development.”
Minister Goyal’s engagements underscore India’s vision of a rules-based multilateral system that fosters mutual prosperity, resilience and inclusive growth for all nations, the Ministry of Commerce and Industry said.
UNCTAD, established in 1964, plays a crucial role in promoting the integration of developing countries into the global economy through trade, investment, and sustainable development policies. fiinews.com
