India Had Not Been a Gainer From The Past FTAs: Piyush Goyal

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Piyush Goyal also stated that the Government is working with states & local bodies to make it easier to start a business

Union Minister of Commerce and Industry Piyush Goyal mentioning that lndia had not been a gainer from the past FTA’s, said that the historical wrong will have to be corrected by our generation. He also mentioned that the RCEP deal was not signed as it was not properly addressing India’s concern. He said that India, Japan and Australia, all three true democracies, trusted partners and believers in rule-based trading, have recently agreed to have a supply chain initiative.

“India should get recognised the world over for its quality & competitiveness. Quality will have to be integral for the planning of our future. We believe in Transparent pricing, Transparent trade, Free Market, No price controls, and No hidden subsidies”, the minister said.

AatmaNirbharBharat is not closing India’s doors

Explaining the concept of AatmaNirbharBharat, the minister said that it is not about closing India’s doors to international trade & engagement. He mentioned that it is about opening it wider looking for greater engagement in global trade.

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“Now India has to engage with global economies from a position of strength with highly cost-competitive products of high quality,” were his words.

Calling upon active partnership between the Ministry of Commerce and Industry and IIFT, the minister called upon the students of IIFT to help in identification of new products and areas of export. He asked them to do research, analysis and mine data so that policymakers can learn from the world’s best practices, and work in the spirit of providing better future for India and its citizens. He said, “Our trade policies are up for debate, discussion, review, relook & consideration by students.I hope all of you will deliberate on the future of Indian trade policy and how we can sail through the COVID pandemic & come out resilient.

The Minister also mentioned that for promoting domestic production and exports of goods, the government has identified sectors, and working with the industry to help them overcome the bottlenecks. It is also to be noted here that the government, in the last few months, has introduced electronics manufacturing schemes worth approximately Rs 50,000 crore.

“In the first week of September, our exports were 13 per cent more than the corresponding period of last year, despite lockdowns and covid related issues.” He also mentioned that India’s services exports have done well, but now we have to ensure that merchandise exports also flourish.

The Minister also mentioned that India is ready to sign a limited trade deal with the US at the earliest.

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