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Piyush Goyal: India’s Trade Policy Aligned with Economic Growth Strategy

New Delhi, March 28 (IANS) – India’s trade policy is focused on achieving a target of $2 trillion in exports by 2030, Commerce and Industry Minister Piyush Goyal announced on Thursday. The minister highlighted that the trade policy is aligned with the country’s economic growth trajectory, while remaining open to expansion.

Goyal mentioned that India’s decision to withdraw from the Regional Comprehensive Economic Partnership (RCEP) in 2019 was driven by stakeholder concerns and the need to safeguard the Indian market from an influx of cheap Chinese goods. He emphasized that this move has enabled India to experience significant growth in recent years.

The minister expressed concerns about the potential negative impact of sub-standard goods flooding the Indian market from certain regions, stating that such a scenario would have detrimental effects on the investment climate in the country. He also noted that both America and Europe maintain high tariffs on various products.

While advocating for greater international engagement, Goyal highlighted India’s participation in the European Free Trade Association (EFTA) agreement, which involves Iceland, Liechtenstein, Norway, and Switzerland committing $100 billion for job creation in India over the next 15 years in exchange for market access.

In terms of future collaborations, Goyal mentioned that India is willing to engage with trading blocs that include China, provided that the neighboring country adheres to transparent economic policies in compliance with WTO rules. The minister stressed the importance of enhancing India’s export growth and engaging with the global economy for long-term economic development.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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