By: Vinod Kumar
Union Minister of Commerce and Industries, Piyush Goyal, made it abundantly clear at the Raisina Dialogue in New Delhi that the Indian government adopts a careful and calibrated approach when engaging in trade negotiations. Goyal emphasized that the country refrains from rushing into concluding Free Trade Agreements due to their lasting impact.
Addressing concerns raised about attempts to include non-world trade issues in the World Trade Organization (WTO), Goyal assured that India is committed to maintaining the WTO’s guiding principles. He pledged to ensure that these principles are upheld, reflecting India’s cautious stance.
Highlighting worries about the European Union’s tax imposition related to the Carbon Border Adjustment Mechanism, the Union Minister stated that India will address this matter within WTO rules. Additionally, bilateral discussions with the EU will be explored to seek resolution.
The 13th Ministerial Conference, which is scheduled to begin today in Abu Dhabi, will include discussions on the Work Program on Electronic Commerce. However, a consensus on the draft ministerial decision remains elusive. Notably, a global consortium of semiconductor industry groups urged India to reconsider plans to impose duties on cross-border digital e-commerce, underscoring the conference’s paramount importance for India.
Recognising the challenges faced by India’s small-scale fishermen and local coastal communities due to overfishing, India is expected to demand a moratorium on fishing subsidies from advanced countries, including the United States and the European Union.