Piyush Goyal demands equal access for India to other countries’ markets, trade reciprocity

By: |
September 11, 2020 12:07 PM

Piyush Goyal said that India is not going to be a patient receiver of unfair trade practices.

piyush goyal, trade, ministry of commerce, commerce minister, fair trade practice, India-US deal, commerce ministryPiyush Goyal said that trade relations between two countries rest on the pedestal of high reciprocity and equilibrium, and more countries are moving towards balanced trade.

While India invites businesses and investors from across the globe to invest in India, commerce minister Piyush Goyal said that other countries must give India equal access to their markets. Piyush Goyal added that businesses will not only get a large Indian market but can also leverage the market to get economies of scale. He further said that trade relations between two countries rest on the pedestal of high reciprocity and equilibrium, and more countries are moving towards balanced trade. Speaking about global trade relations, the minister underlined that India is not going to be a patient receiver of unfair trade practices, according to the Ministry of Commerce & Industry.

The Centre assured that it is working with states and local bodies to deregulate and make it easier to start a business. Talking about India’s potential, Piyush Goyal said that the real unique selling point of India should be around high quality, good service, and good pricing. Besides, transparent trade, free market, no price controls, and no hidden subsidies were also denoted as a major requirement to become competitive globally.

‘Atma Nirbhar Bharat’ not a step towards protectionism

Piyush Goyal also sought to dispel concerns that Prime Minister Narendra Modi’s call for Atma Nirbhar Bharat would mean steps towards protectionism. He said that it is not about closing India’s doors to international trade and engagement. He added that now India has to engage with global economies from a position of strength with highly cost-competitive products of high quality.

Meanwhile, India has maintained the service exports at appreciable levels even amid a major supply disruption and weak global demand. The minister highlighted that in the first week of September, the country’s exports were 13 per cent more than the corresponding period of last year as the services exports have done well. However, he insisted on raising the merchandise exports as well.

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