Piyush for Working within WTO Forum

· India’s current tariff protection measures are directed mainly at non-market economies

· There is little FDI from China, and historically too, Chinese investments have been minimal.

[ABS News Service/12.04.2025]

Union Minister of Commerce & Industry, Piyush Goyal delivered the Keynote Address at the 9th Global Technology Summit on 11 April, 2025 in New Delhi, where he highlighted the opportunities that lie ahead for India in reshaping global trade, especially with trusted partners such as the United States.

Calling India the fastest-growing large economy in the world, Mr. Goyal said, “There is a delta of opportunity that India offers. In the next two to two-and-a-half decades, India will grow eight times, supported by the aspirations of 1.4 billion Indians. This creates a massive domestic demand and offers the benefits of scale that are being recognised globally.”

Mr. Goyal shared that in the last two years alone, at least eight high-level delegations have visited India, signalling the world's growing interest in forging stronger trade relationships with the country.

The Minister underscored that India’s current tariff protection measures are directed mainly at non-market economies that engage in unfair trade practices. “India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play,” he stated.

Refuting concerns about external pressure on India’s trade decisions, Mr. Goyal said, “There is no pressure. India being in a position of such opportunity is in itself very exciting. While our exports today form a relatively small share of our GDP, our strong domestic market and aspirational youth are ready to take Indian industry global.”

On China, Mr. Goyal affirmed, “India will always put its interests first. As of now, there is little FDI from China, and historically too, Chinese investments have been minimal. Our efforts are focused on integrating with developed economies that adhere to honest business practices.” He reiterated that India’s decision not to join the RCEP in 2019 has been vindicated by current global trends.

Speaking on India’s talent base, he noted, “India has a vast pool of STEM graduates, with 43% being women. If undue pressure is exerted, Indian innovators will rise to the occasion with R&D-driven solutions better suited to our needs than what others can offer.”

On the global trading order, Mr. Goyal stated, “The world cannot be viewed through a single lens. While developed nations enjoy prosperity, developing and least-developed countries must be given time and support to catch up. The WTO must recognise this and evolve accordingly.”

India remains committed to multilateralism, he added. However, reforms at the WTO are essential. Mr. Goyal cited the need to reassess the definition of "developing countries" and called for clarity on e-commerce rules, agriculture decisions, and fisheries negotiations. “Unless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance,” he noted.

Reiterating India's support for WTO principles, he said, “India will always work within the WTO framework. Our bilateral agreements, including with the US and EU, operate within its scope.”

On FTAs, Mr. Goyal emphasised that while timelines are aspirational, national interest cannot be compromised to meet deadlines. “Every action must be equitable, fair, and mutually beneficial,” he said.

Regarding the EU FTA, the Minister acknowledged progress but pointed out challenges, especially around non-trade issues being linked with climate regulations. “Europe must reconsider the non-tariff barriers it has created. These are becoming trade hurdles not just for India but for the global economy,” he warned.