New Delhi
Commerce and Industry Minister Piyush Goyal highlighted India’s trade policy alignment with its economic growth goals, aiming for $2 trillion in exports by 2030. Speaking at a media event in New Delhi, he emphasized that while the policy is tailored to India’s development journey, it remains open for expansion.
Goyal explained India’s withdrawal from the Regional Comprehensive Economic Partnership (RCEP) in 2019, citing concerns of stakeholders and the need to safeguard against a flood of cheap Chinese goods that could harm the domestic market. He asserted that this decision enabled India’s recent growth trajectory.
Highlighting the importance of maintaining quality standards, Goyal noted the potential detrimental effects of sub-standard imports from certain regions on India’s investment climate.
Despite protectionist measures in some regions like America and Europe, Goyal stressed India’s commitment to internationalizing its economy and boosting exports. He cited the recent European Free Trade Association (EFTA) agreement, where member countries pledged $100 billion investment to create 1 million direct jobs in India over 15 years. Additionally, Goyal expressed India’s willingness to engage in trading blocs involving China, provided transparency and compliance with WTO rules from the neighboring country.
