During the Raisina Dialogue 2024, Commerce & Industry Minister Piyush Goyal stressed that the Indian government adopts a cautious approach rather than hastily concluding trade negotiations, recognizing that Free Trade Agreements (FTAs) have lasting impacts on the country's economy.
Goyal emphasized the importance of extensive stakeholder consultations and inter-ministerial meetings throughout trade negotiations to ensure that FTAs are fair, balanced, and beneficial for all parties involved.
Addressing the upcoming WTO Ministerial Conference in Abu Dhabi, Goyal expressed India's commitment to upholding the guiding principles of the WTO and advocated for reforms to strengthen the organization. He highlighted India's historical role in WTO conferences and reaffirmed support for a fair and robust multilateral trading system.
Regarding the Carbon Border Adjustment Mechanism (CBAM) issue initiated by the European Union (EU), Goyal stated India's concerns and pledged to address the matter within the framework of the WTO and through bilateral discussions with the EU.
Goyal reassured stakeholders of the government's awareness of challenges and commitment to transforming them into opportunities. He underscored India's willingness to engage globally, embrace global value chains, and promote self-reliance, leveraging the nation's large domestic market and innovative capacity to attract investments.
Highlighting the government's initiatives such as Make in India, Startup India, Digital India, and Production-Linked Incentive (PLI) schemes, Goyal credited these efforts for propelling India as the fastest-growing large economy. He emphasized that these initiatives encourage both private and public investment in infrastructure and manufacturing, ultimately aiming to transform India into a developed economy by 2047.
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