Union Minister of
Commerce and Industry Piyush
Goyal represented India at the 16th Session of the United Nations Conference on Trade and
Development (UNCTAD XVI) in Geneva, where he delivered India’s
national statement and participated in key ministerial discussions.
In his address, Mr.
Goyal highlighted India’s
emergence as one of the world’s top five economies, maintaining
an average growth rate of over 7%
in the past three years and lifting millions out of poverty. He emphasized
India’s leadership in sustainability,
noting that 50% of its
installed power capacity comes from renewables and reaffirming
the goal of 500 GW clean
energy capacity by 2030.
The Minister urged
developed nations to honour
their Paris Agreement commitments, including the provision of
$100 billion in affordable finance and technology transfers. He rejected
protectionist environmental trade barriers and called for tailored, inclusive approaches
to sustainable development through initiatives such as the International Solar Alliance,
Global Biofuels Alliance,
and Coalition for Disaster
Resilient Infrastructure.
Underscoring India’s digital and demographic strength,
Mr. Goyal pointed to the country’s billion-plus internet users, digital public
infrastructure, and young population as engines of innovation and inclusion. He
also stressed the importance of South–South
cooperation in areas like critical minerals, fertilizers, and
supply chain resilience.
At a ministerial roundtable on resilient and
inclusive supply chains, Mr. Goyal showcased India’s
infrastructure transformation under the Atmanirbhar Bharat vision and its
$130 billion annual investments in connectivity and logistics. He reiterated
India’s role as a trusted
global partner in trade, medicines, and technology.
On the sidelines, Mr.
Goyal met UNCTAD
Secretary-General Rebecca Grynspan and European Commission Executive
Vice-President Teresa Ribera Rodriguez, discussing equitable
clean transitions, the impact of the EU’s Carbon Border Adjustment Mechanism (CBAM),
and strengthening South–South cooperation.
The visit reaffirmed India’s commitment to a fair,
transparent, and rules-based multilateral trading system,
aligned with the UNCTAD XVI theme — “Shaping the Future: Driving Economic Transformation for Equitable,
Inclusive, and Sustainable Development.”
Union
Minister of Commerce and Industry, Piyush Goyal, attended the XVIth Session of the United Nations Conference on Trade and
Development (UNCTAD) in Geneva, where he delivered India's national statement and
participated in key discussions. UNCTAD, established in 1964, plays a crucial role
in promoting the integration of developing countries into the global economy through
trade, investment, and sustainable development policies.
In
his address at the 16th Session of the United Nations Conference on Trade and Development
(UNCTAD XVI), the Commerce and Industry Minister of India underscored India’s transformation
into one of the top five economies globally. India has been the fastest-growing
large economy with over 7% average annual growth over last three years. The nation
doubles its economy every eight years. Mr. Goyal highlighted lifting millions of people out of poverty
in the last decade. These individuals then join the middle class. They fuel rising
incomes and demand.
Mr.
Goyal underlined India’s sustainability leadership. Half its installed power capacity
comes from renewables. Current clean energy stands at 250 GW with aim to install
500 GW by 2030. India is taking measures against climate change impacts. Yet it
contributes only 3.5% to global emissions despite hosting 17% of the world’s population.
He noted that developed
countries have not fulfilled Paris commitments including in providing
$100 billion in low-cost, long-tenure finance and technology transfers. He rejected
burden-shifting or environmental trade barriers. The Minister stressed a dedicated
approach to sustainable development. This includes tailored, actionable solutions.
Key global initiatives feature the Coalition for Disaster Resilient Infrastructure,
International Solar Alliance, and Global Biofuels Alliance, building partnerships.
Calling
for South-South cooperation for genuine solutions, Mr. Goyal stated that areas may
include critical minerals access, fertilizers and supply chain management. India
bridges the technological divide via digital public infrastructure which empowers
millions. The country has one billion internet users. It ranks second in ChatGPT
users globally. A young population averages 28.5 years. Democracy and rule of law
fuel growth.
The
Minister noted inclusive development in India exemplified in women forming 14% of
entrepreneurs and MSMEs creating and supporting millions of jobs. The services sector
contributes 55% to GDP. It has shown decade-long double-digit export growth. This
supports equitable workforce mobility. It fosters collaborations to boost partners’
competitiveness and global reach. Additionally, the Minister highlighted critical
global challenges. These erode trust in multilateral institutions and the rules-based
trading system. Issues include non-market practices, tariff and non-tariff barriers,
overconcentration of supply chains at source and demand sides. Other challenges
include dilution of special and differential treatment and unilateral environment
measures apart from technological divide with restrictive controls. Restrictive
policies have hit the services sector. In this, developing countries suffer the
most. He emphasized the need for the Global South to speak with one voice.
The
Commerce and Industry Minister highlighted that India is a pioneer, trusted by the
developing countries and developed world alike, for its independent policies, growth,
and commitment to progress. UNCTAD can play a key role in harnessing trade for equitable,
inclusive, sustainable development. The Minister offered support to developing nations
in technology, cooperation and building resilient supply chains. Trade serves as
a development tool. Together, nations can build a future for all. This embraces
“Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas”—development for all with
trust and effort. India believes in “Vasudhaiva Kutumbakam,” the world as one family.
At
the Ministerial Roundtable on “Towards Resilient, Sustainable, and Inclusive Supply
Chains and Trade Logistics,” the Minister emphasized India’s self-reliance under
Atmanirbhar Bharat, particularly in medicines and COVID
vaccines, while fostering trading relations built on trust and reliability. He highlighted
the trillion-dollar master plan, including about $130 billion annual investments
in domestic infrastructure. Key advancements include expanding airport capacity
from 74 to 158, enhancing rail, road, and inland waterways for a robust internal
transport network, strengthening the manufacturing system, and establishing India
as a trusted partner globally, with projections for continued fastest growth over
coming decades. Furthermore, he advocated for conversations across large parts of
the developing world to share offerings such as payment systems, transactions, payments,
transport sharing, and reduced port times, urging developing countries to collaborate
and work together for mutual benefit.
On
the sidelines, Mr. Goyal held bilateral meetings to strengthen international partnerships.
With H.E. Ms Teresa Ribera Rodriguez, Executive Vice President of the European Commission
for Clean, Just and Competitive Transition, the Minister discussed the impact of
Carbon Border Adjustment Mechanism (CBAM) on Indian exports, especially steel secto and ensuring that the clean transition does not create
dependencies. In his meeting with H.E. Ms. Rebecca Grynspan, Secretary-General of
UNCTAD, the emphasis was on advancing UNCTAD's role in equitable economic transformation,
deficiency in meeting the Paris Agreement commitments by developed countries, unjustified
unilateral measures and South-South cooperation.
The
visit reaffirms India's commitment as a trusted partner in global trade and development,
aligning with the UNCTAD XVI theme of "Shaping the Future: Driving Economic
Transformation for Equitable, Inclusive, and Sustainable Development." Mr.
Goyal's engagements underscore India's vision of a rules-based multilateral system
that fosters mutual prosperity, resilience and inclusive growth for all nations.