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Union Commerce and Industry Minister Piyush Goyal emphasized India’s unwavering commitment to the World Trade Organization (WTO) while urging the global body to undergo essential reforms.
Speaking at the 9th Global Technology Summit, Goyal made it clear that India supports multilateral trade cooperation but expects the WTO framework to evolve with the changing global economic landscape.
“India will always work within the WTO framework. Our bilateral agreements, including with the US and EU, operate within its scope,” Goyal said.
However, he also stressed the need to review and redefine outdated rules and categories within the organization.
Calls For Clarity On Key Trade Issues
Highlighting the importance of transparency and fairness in global trade, Goyal called for clearer regulations on e-commerce, agriculture, and fisheries.
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He particularly pointed to the overfishing issue, asserting that emerging economies are at a disadvantage unless those responsible for overfishing scale back.
“Unless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance,” he warned.
India Positioned As A Future Global Trade Hub
Shifting focus to India’s economic trajectory, Goyal described the country as the fastest-growing large economy in the world.
He projected that India’s economy could grow eightfold over the next 20 to 25 years, powered by the aspirations of 1.4 billion citizens.
“There is a delta of opportunity that India offers,” Goyal said. “This creates a massive domestic demand and offers the benefits of scale that are being recognised globally.”
Growing Global Interest In India
Goyal also pointed to a surge in international engagement with India, noting that at least eight high-level foreign delegations have visited the country in the past two years alone.
These visits, he said, reflect the world’s increasing interest in strengthening trade ties with India.
Tariff Protection Targeted At Unfair Traders
Addressing India’s tariff policies, Goyal clarified that current protectionist measures are mainly directed at non-market economies engaging in unfair trade practices.
He reiterated that India welcomes partnerships with nations that further prioritize trust, reciprocity, and fairness.
“India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play,” he stated.
Firm Stance On Independent Trade Policy
Responding to questions about potential external pressure on India’s trade decisions, Goyal firmly denied any such influence. “There is no pressure,” he asserted. “India being in a position of such opportunity is in itself very exciting.”
He added that although exports currently form a relatively small portion of India’s GDP, the country’s strong domestic market and driven youth are ready to propel Indian industry onto the global stage.
India Prioritizes Strategic Trade Partnerships
On the subject of China, Goyal said India would always put its interests first. He pointed out that FDI from China remains minimal and that India is focused on integrating. With developed economies that uphold transparent and ethical business practices.
Goyal concluded by emphasizing India’s growing talent base, particularly in science and technology.
“India has a vast pool of STEM graduates, with 43 per cent being women,” he noted. If external pressures arise, he expressed confidence that Indian innovators would respond with homegrown, R&D-driven solutions.
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