New Delhi . Union Commerce and Industry Minister Piyush Goyal has said that India will always work in the World Trade Organization (WTO) framework, but improvement in WTO is necessary.
Union Minister Goyal explained the need to re-evaluate the definition of developing countries and called for clarity on e-commerce rules, agricultural decisions and fisheries negotiations.
He said at the 9th Global Technology Summit, “India will always work within the WTO framework. Our bilateral agreements including the US and the European Union work under its purview.”
Union Minister Goyal highlighted further opportunities for India in giving a new look to global trade, especially with trusted partners like the United States.
Describing India as the fastest growing big economy in the world, Union Minister Goyal said, “India is full of opportunities. In the next two to two and a half decades, India will increase eight times on the strength of the aspirations of 1.4 billion Indians. This will increase domestic demand and get the benefits of the scale to be identified globally.”
The Union Minister said that in the last two years, at least eight high-level delegations have come to India, which is a sign of the world’s growing interest in having strong business relations with the country.
He emphasized that India’s current tariff conservation measures are mainly focused on non-market economies.
He said, “India is in good position to make bilateral partnership with countries that value mutuality, trust and fairness.”
Rejecting external pressure concerns over India’s trade decisions, Goyal said, “There is no pressure.
India has such opportunities very exciting in itself. Today our exports are a relatively small part of our GDP, but our strong domestic market and ambitious youth are ready to take the Indian industry globally. “
Regarding China, the Union Minister said, “India will always keep its interests first. So far, very little FDI has come from China and historically, Chinese investment has been minimal. Our efforts focus on integration with developed economies whose business practice is truly better.”
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