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ASIA, BILATERAL RELATIONS, BILATERAL TALKS, CHINA, DONALD TRUMP, ECONOMIC COOPERATION, EU, EUROPE, EUROPEAN COMMISSION, EUROPEAN UNION, FICCI, GEOPOLITICS, INDIA, MEXICO, NARENDRA MODI, NEW DELHI, NORTH AMERICA, PI, TARIFFS, TRADE, UK, UNITED STATES, URSULA VON DER LEYEN, US, VI, WASHINGTON
Dante Raeburn
India’s Stance on Bilateral Trade Agreements Amid Global Economic Tensions
Commerce Minister Piyush Goyal has indicated India’s readiness for bilateral trade agreements with developed nations amid economic tensions. He affirmed the competitiveness of Indian industry and emphasized the need for protective tariffs against unfair practices. Goyal encouraged a spirit of collaboration among nations and referenced Gandhi’s principles of nationalism in industry, warning against dependency on low-cost goods.
During a period marked by escalating global economic tensions and rising protectionism, India’s Commerce Minister Piyush Goyal has indicated that India remains open to forging bilateral trade agreements with developed countries. He emphasized the competitiveness of Indian industry, asserting that it can thrive under fair rules, while also highlighting the necessity for protective tariffs against unfair trading practices. Goyal confidently stated, “We have a lot of elbow room when working with developed countries—where India has equal opportunities,” during an industry event.
Goyal’s remarks emerge amidst the backdrop of a potential trade conflict between India and the United States, prompting a shift in trade patterns that could benefit India and other nations. Policies implemented by former US President Donald Trump are anticipated to expedite India’s trade discussions with various partners, including the UK and the European Union.
While China has reacted to US tariffs with counter-measures, the European Union has expressed a willingness to negotiate. Ursula von der Leyen, the President of the European Commission, reiterated Europe’s readiness for beneficial agreements, emphasizing a collaborative approach rather than simple concessions.
Goyal articulated that India is strategically positioned to leverage the current global circumstances, similar to how it capitalized during the Covid-19 pandemic and the Y2K crisis. He encouraged collaboration and unity among nations and industries to transform challenges into opportunities.
Referencing Mahatma Gandhi’s address to FICCI in 1931, Goyal urged Indian industries to embrace nationalism in their endeavors. He commended Prime Minister Narendra Modi’s vision of Viksit Bharat, which aims for inclusive growth and economic progress for all sectors of society. Goyal warned against the allure of low-cost goods, noting their potential to harm businesses and economies, as evidenced by global supply chain vulnerabilities.
In conclusion, Piyush Goyal’s remarks on India’s openness to bilateral trade agreements with developed countries highlight the nation’s strategic positioning during turbulent economic times. India’s competitive industry and focus on fair trade practices underline the importance of collaboration and nationalism in fostering economic growth. As global dynamics shift, India is poised to identify opportunities in current challenges, reinforcing its role in international trade.
Original Source: indianexpress.com
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