Commerce and Industry Minister Piyush Goyal emphasized that India’s trade strategy is aligned with its economic development trajectory, aiming for $2 trillion in exports by 2030. He assured that while calibrated to suit its growth journey, the policy remains open for expansion.
Speaking at a media event in New Delhi, Goyal highlighted India’s withdrawal from the Regional Comprehensive Economic Partnership (RCEP) in 2019, citing concerns from stakeholders and the need to safeguard against an influx of cheap Chinese goods.
He emphasized that India’s decision to exit the RCEP paved the way for its recent growth narrative, preventing the inundation of substandard products from certain regions and preserving the domestic investment climate.
Goyal noted that despite India’s withdrawal, major economies like the United States and Europe maintain high tariffs on various goods, underscoring the need for a balanced approach to international trade.
While advocating for increased global engagement and export growth, Goyal referenced the recently inked European Free Trade Association (EFTA) agreement. Under this pact, nations like Iceland, Liechtenstein, Norway, and Switzerland have pledged $100 billion in investments to generate one million direct jobs in India over the next 15 years.
He expressed India’s willingness to participate in trade alliances involving China, provided that the latter adheres to transparent economic policies in line with World Trade Organization (WTO) regulations.
