Focused on doing trade deals to complement, not compete: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that India is in trade dialogues with countries with whom it doesn't compete but can complement the economies involved. Addressing an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, he elaborated on the opportunities that trade deals open up - bilaterally and to the wider global economy.
Pointing to the UK-India FTA as well as deals concluded with Australia, the UAE and European Free Trade Association (EFTA), the minister said ‘our focus is on entering into robust trade agreements with the developed world’. He said ‘15 years ago, before their party's government came into power, India was more focused on doing trade agreements with countries that are our competitors. It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India’.
Referencing the ongoing trade negotiations with the US, New Zealand, the European Union (EU) and Gulf countries, the minister said ‘we are in dialogue with countries with whom we don't compete, with whom we complement each other; where they have certain things to offer, which India would love to have, as with the UK agreement, and we have certain things on offer. We don't hurt their economies’. Therefore, he said ‘these agreements will help us grow as an economy, help our innovation ecosystem get the right equipment, the right enabling environment. Our effort is to collaborate, co-create, co-operate and co-design. Let's work together as friends and allies of the democratic world’
