India will take reciprocal action wherever it faces unfair trade treatment globally: Goyal

India will take reciprocal action if it is treated unfairly or unjustly in trade practices, said Union Commerce and Industry Minister Piyush Goyal on Friday while addressing the 54th Convocation of the Indian Institute of Foreign Trade in New Delhi. He stated that there are numerous non-tariff hurdles that must be overcome.

Non-tariff trade barriers are restrictive measures that obstruct the free movement of goods between countries. Goyal noted, "Trade today requires a lot of study, deep diving into what practices other countries follow. There are a lot of non-tariff barriers that need to be studied, we need to work to resolve those barriers. Wherever we will find unfair, unjust treatment to India, India will have to take reciprocal action."

India is discussing free trade agreements (FTAs) with the United Kingdom, the United Arab Emirates, Australia, and a number of other nations, according to Goyal. He believes that the IIFT's young talent can assist India in achieving its 'transformational goal' for foreign trade. He is optimistic that India would meet its $400 billion export goal this fiscal year.

"We are confident about attaining our goals this year. In just six months, we've completed $197 billion in transactions. In the near future, we want to reach $1 trillion in both products and services. For this we need thousands of young boys and girls coming out from IIFT," Goyal remarked. He also emphasised the need of free trade within a rules-based multilateral trading framework that prioritises honesty and transparency.

Transformational agenda for India's trade

According to Goyal, the topic of dual degrees and collaborations with IIFT came up during the FTA talks. He encouraged moving forward with dual degree programmes, speeding up the process and identifying world-class universities. "Australia, the UK, and UAE have already shown huge interest in collaborating with Indian universities and institutions of eminence and I would urge IIFT to take this process forward," Union Minister added.

He stated that India's recent success of 100 crore vaccines was the result of a collaborative effort of 130 crore Indians and a testament to India's 'Atmanirbhartha' and will to leverage its strengths to the fullest extent possible and serve the needs of the entire world.

Since its inception in 1963, the IIFT has made a significant contribution to India's external trade, Union Minister mentioned. He stated that IIFT is well-known for its extensive expertise and resource base, and that it has continuously been listed among the top business schools in the Asia-Pacific region.

(with inputs from PTI)

Image: pib.gov.in