|
Highlighting India's rising status in the global economic order, Union Minister of Commerce and Industry Piyush Goyal on Saturday described the relationship between India and the United States as a multidimensional alliance that extends far beyond trade.
Speaking at the Raisina Dialogue, Goyal emphasised that the partnership is anchored in high-tech collaboration and strategic security. The Minister noted that the bond between the two nations is defined by a deep integration of technology and investment. "India and US relations are strong. It's multi-dimensional. It's not only about trade. There is a huge technology overlay on it. There is a huge critical minerals partnership, a defence partnership... It's a partnership of two countries which will define the future," Goyal stated. Addressing the specifics of trade negotiations with Washington, Goyal expressed immense confidence in the outcomes India has achieved compared to other global players. "We got the best deal amongst all of the competitors," he remarked. During a detailed fireside chat, Goyal elaborated on his "mantra" for negotiating Free Trade Agreements (FTAs), which involves balancing international ambitions with domestic sensitivities. He revealed that, unlike previous administrations, the current government prioritises exhaustive stakeholder consultations to ensure no local industry is "thrown under the bus." Reflecting on the decision to exit the Regional Comprehensive Economic Partnership (RCEP), Goyal explained that the deal would have essentially served as a back door for Chinese goods to flood the Indian market. "I don't know if anybody in this room believes that would have been good for jobs in India, for economic activity in India, for fair play in India. It would have been disastrous... stakeholder response, stakeholder consultation and feedback is extremely important in every FTA that we do." He cited the recent deal with the European Free Trade Association (EFTA) as a prime example of this "balance," where India secured a USD 100 billion FDI. "I was doing the free trade agreement with the four-nation EFTA block. That's Switzerland, Norway, Liechtenstein, and Iceland. Now I talked to them, and I said, already most of the products that you import are duty free in your country." "This deal entails a commitment of a hundred billion dollars that these four countries have to invest in India in a defined timeframe... And by the way, if they don't invest, I can claw back the benefits that I've given them in the free trade agreement." Goyal applied a similar logic to negotiations with the UK and New Zealand, emphasising that India's projected growth to a USD 30 trillion economy by 2047 (Viksit Bharat) makes its "delta of opportunity" much larger than that of developed, slower-growing nations. "25 years from now or 22 years from now, India will be a $30 trillion economy. And the growth rate, scorching pace of growth that our hardworking Indians are working on. Now I'm giving you a delta of opportunity of an economy which grows from 4 trillion to 30 trillion. That's a 26 trillion dollar additional delta of opportunity." Beyond goods and investments, Goyal highlighted that India is fighting for the rights of its "demographic dividend"--the young professionals working abroad. In the UK FTA negotiations, he pointed to a major win regarding social security contributions for Indian workers who stay for short durations. "Now, if you go for three years, that social security money which you used to pay there, you can pay into your provident fund account in India. It'll be your savings, and it'll be the money of the Indian who's put his sweat and blood and toil." Finally, Goyal attributed the success of India's trade department to the "complete empowerment" provided by Prime Minister Narendra Modi, noting that a "good atmosphere" and mutual respect are the only ways to deliver results on the global stage. (ANI)
|
