Global Trade Dynamics: Piyush Goyal Highlights India’s Role in Protecting Domestic Industries
Commerce and Industry Minister Piyush Goyal stated on Thursday that countries worldwide are increasingly protecting their domestic industries, particularly in sectors like steel. He emphasized that India is addressing global trade challenges through dialogue, cooperation, and trade partnerships. Speaking at the India Global Innovation Connect, Goyal noted that such protective measures are common in global trade and not exclusive to India.
Goyal pointed out that nations such as the EU, the US, and the UK are taking steps to safeguard their steel industries against competition. He mentioned that India also faces challenges from unfair trading practices, including overcapacity and predatory pricing. He indicated that responses to these challenges often involve a combination of bilateral actions and targeted measures. Despite the weakened effectiveness of multilateral institutions, he affirmed that global trade continues to operate within a rules-based system.
WTO framework still in place despite challenges
Goyal acknowledged that the World Trade Organization (WTO) is currently not very effective but maintained that international trade largely functions under its framework. He remarked that while countries may adopt various standards and protection measures for domestic reasons, India remains engaged globally through cooperation and negotiated agreements.
India’s trade stance and negotiations
Goyal asserted that India is addressing trade challenges from a position of strength and is actively pursuing multiple free trade agreements (FTAs) to enhance market access. He highlighted that India has signed nine FTAs over the past three to three-and-a-half years, covering 38 countries, many of which are developed economies. He also mentioned the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), which includes a commitment from member countries to invest USD 100 billion in India over 15 years.
Focus on innovation, investment and long-term growth
On domestic policy priorities, Goyal stated that India is focused on strengthening its innovation capacity and improving the investment environment. The government is engaging with companies and partner countries to identify sectors for innovation-led investments and is reviewing intellectual property rights (IPR) laws to modernize them. He also emphasized the importance of infrastructure expansion and regulatory reforms as key drivers of investment inflows, including developments in airports, ports, highways, and power systems.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
Follow Us on Twitter, Instagram, Facebook, & LinkedIn
