Overview

Commerce and industry minister Piyush Goyal emphasized India's strategic positioning in international trade, highlighting the country's capability to collaborate with developed nations that adhere to fair trade practices and offer equitable business opportunities.

Key Points

• Trade Practices:
  • India is focused on protecting itself against irregularities and unfair trade practices through tariffs.
  • The country prioritizes bilateral engagements with nations that follow fair trade rules.
• Economic Nationalism:
  • Goyal urged Indian businesses to support domestic suppliers instead of relying on marginally cheaper imports, promoting an "economic nationalism."
• International Trade Negotiations:
  • India is negotiating trade agreements with several countries, including the US, EU, UK, and New Zealand.
• Challenges and Global Trade Tensions:
  • Goyal pointed out the global economic challenges, including recession fears and trade tensions, affecting stock markets worldwide.
  • Emphasized the impact of predatory pricing and hidden subsidies used by some countries to undermine other economies.
• WTO Commitments:
  • India remains committed to its WTO obligations but acknowledges the economic damages inflicted on global manufacturing ecosystems over the decades.

Minister's Perspective

Goyal believes that India's domestic industry is competent enough to outperform global competition if international trade follows the "rules of the game." He highlighted the need to protect against labor practices and strategies that aim to harm the economy.