India will only sign international trade deals if they benefit the nation, Union Commerce Minister Piyush Goyal stated on Saturday.
Speaking to the media at an event hosted by Assocham, a prominent industrial association, the minister stated that India will proceed with a trade agreement if it is favorable.
Goyal stated that talks with the US are still in progress and that trade agreements would only be reached if they served the nation’s broader interests. “We won’t do anything if it doesn’t occur. The minister claimed that India always prioritizes the interests of the nation.
The fifth round of negotiations for the proposed bilateral trade agreement (BTA) between the US and India teams was wrapped up this week in Washington. The four-day negotiations took place in Washington, DC. The team for negotiations is led by Rajesh Agrawal, the special secretary in the Department of Commerce and India’s chief negotiator.
India has enormous domestic demand, he added. “We have imports coming into the country which can be replaced by developing domestic industry to scale for high-quality production,” stated the minister.
During the occasion, the minister spoke to a group of entrepreneurs and industry leaders and emphasized the significance of changing the mindset of micro, small, and medium-sized businesses (MSME).
He urged small and large businesses to work together and move toward common growth.
“We need to shift our objectives, direction, and attitude. Companies of all sizes must develop together. He emphasized, “We must stand by one another and speak up for local concerns. In order for MSMEs to compete worldwide, he also emphasized the importance of concentrating on research, innovation, quality, and expansion.
The minister asked MSME stakeholders to alert the government in a proactive manner about non-tariff barriers that affect their companies. “We can discuss these issues in bilateral talks and try to resolve them only after you let us know,” Goyal said to the business executives.
The minister focused on the macroeconomic framework and contrasted the existing banking system with the UPA government’s tenure. He claimed that the banking industry has been successfully reorganized by the government of Prime Minister Narendra Modi.
The banking industry was in ruins during the UPA administration as a result of an increase in non-performing assets (NPAs). It has undergone a transparent restructuring. The banking sector is robust and operating effectively today,” the minister stated.
Read More
Women now run around 76,000 Indian startups: Minister