New Delhi, May 12 (FN Bureau) Commerce and Industry Minister Piyush Goyal on Wednesday that the government is looking forward to the trade and investment negotiations with the UK and the EU because of the potential they hold for economic growth and prosperity of the country. India, he said, feels much more comfortable in launching negotiations for a balanced, ambitious, comprehensive, and mutually beneficial agreement on trade and investment protection with the UK and EU countries. Earlier this month, India decided to have trade and investment talks with the UK and the EU.
Speaking at World Economic Forum’s Global Trade Outlook Session, the minister said that India “resonates” with the countries and entities like the UK, EU, Australia, Canada and the US, in terms of democracy, transparency, rule of law, independence of courts, investment rules, etc. “Moreover, Indian trade with them is by and large balanced,” Goyal said, according to the commerce ministry. The minister also defended India’s decision to pull out of the Regional Comprehensive Economic Partnership that has been signed by 15 countries, saying it would have hurt the country’s farmers, MSMEs and the dairy industry. He said that the RCEP is not a balanced agreement and therefore it was prudent for India not to join RCEP.
Goyal also batted for reforms at the World Trade Organization. “We certainly cannot accept the agenda of a limited set of countries, as lopsided trading arrangements, subsidy arrangements and benefits that the developed world is enjoying has to be addressed with more compassion and more sincerity at the WTO.” He said that the agenda of the world will have to be addressed fairly, equitably & in the true spirit of the WTO. On the issue of Covid-19, the minister said that India seeks to be an integral part of the resilient gobal supply chains.
Appreciating the support extended by countries to India in these challenging times, Goyal said that the countries must facilitate export of COVID-19 related health products to countries that urgently require these for saving precious lives. He said that this is especially relevant for vaccines. Urging the countries to share vaccines liberally with those who are in dire need of it, Goyal said that global solidarity is the need of the hour. To overcome this crisis much faster, “we need not only the acceptance of the TRIPS waiver, but also expeditious consensus building, transfer of technology and availability of the raw materials to make this happen.”