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Union Commerce and Industry Minister Piyush Goyal on Thursday asserted that India is pushing for "preferential access" and the "best possible deal" in its ongoing trade engagement with the United States, underlining that the country is currently in a "very sweet spot" among emerging economies.
"Our approach is that India should get preferential access, market access and, having got the best deal compared to any of our competitors or any other emerging or developing economy, we are sitting on a very sweet spot," Goyal said, projecting confidence in India's economic positioning. He added that as the world's fastest-growing major economy, India offers a compelling India opportunity that global investors are expected to increasingly tap. Highlighting outcomes from recent WTO Ministerial engagements, Goyal described the discussions as very intense spanning four days and covering seven critical areas, including WTO reform, fisheries subsidies, investment facilitation, e-commerce, agriculture and broader developmental concerns. Among the key outcomes, member nations agreed to strengthen the integration of smaller economies into the multilateral trading system, with a focus on improving trade logistics, connectivity and border processes. Progress was also achieved on fisheries subsidies, particularly in tackling overcapacity, overfishing and illegal fishing, with consensus reached and ratified by participating countries. Goyal noted that negotiations will continue to ensure equitable fishing opportunities. "There is recognition of the need for transition periods for developing countries like India," he said, emphasizing the importance of enabling expansion of deep-sea fishing capabilities while improving incomes of fishing communities. On agriculture, he reiterated India's long-standing demands. "We have consistently called for a permanent solution on public stockholding, along with special safeguard mechanisms," Goyal said, adding that existing WTO mandates must be addressed with urgency. On the sidelines of the WTO Ministerial, Goyal held extensive diplomatic outreach, including 12 multilateral and 24 bilateral meetings aimed at strengthening trade partnerships. Talks with Canada focused on expediting negotiations for a Comprehensive Economic Partnership Agreement, while discussions with New Zealand Trade Minister Todd McClay explored the possibility of signing a Free Trade Agreement during his upcoming India visit. Engagements with Switzerland centered on boosting investment flows from the EFTA region. Additional meetings with representatives from the Netherlands, France, Ethiopia and Cameroon also focused on expanding bilateral trade ties. India, he said, is preparing to send its largest-ever business delegation to Canada in the coming months. Addressing global challenges, Goyal said there was widespread concern among WTO members over ongoing conflicts and their impact on trade and supply chains. "The death and destruction of property and innocent lives is something that we are all concerned about," he said, noting disruptions in maritime routes. Echoing India's diplomatic stance, he added that the call for dialogue and peace has found broad support internationally. On global uncertainties, Goyal underscored India's resilience. He said food and energy security remain stable, petroleum supplies are adequate, and refineries are operating at full capacity. While acknowledging higher shipping and insurance costs, he noted that mitigation measures are already in place, with further steps under active consideration. (ANI)
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