For Accessing Indian Market Countries Must Allow Our Companies Access To Their Markets: Commerce Minister Piyush Goyal

Asserting that India is not going to be a patient receiver of unfair trade practices, Union Commerce and Industry Minister Piyush Goyal on Thursday (10 September) said that if other countries want access to the market of 130 crore Indians then they will have to give India equal access to their market.

Addressing the students of Indian Institute of Foreign Trade through virtual interaction, Goyal said that India's own ease of doing business ranking has improved significantly in the five years.

Talking about India’s mammoth potential, Goyal said that the real unique selling point of India should be around High Quality, Good Service and Good Pricing, an official release said.

“India should get recognised the world over for its quality & competitiveness. Quality will have to be integral for the planning of our future. We believe in Transparent pricing, Transparent trade, Free Market, No price controls, and No hidden subsidies”, he said

Goyal said that the concept of Aatmanirbhar Bharat is not about closing India's doors to international trade and engagement.

“In fact, it is about opening it wider looking for greater engagement in global trade. Now India has to engage with global economies from a position of strength with highly cost-competitive products of high quality”, the Commerce Minister said.

On India being a huge and much-sought after market, the minister said “It's a market that businesses around the world want to engage with. The businesses will not only get a large Indian market but can also leverage this market to get economies of scale. Trading relations between 2 countries rest on the pedestal of high reciprocity & equilibrium. More & more countries are moving towards balanced trade. India also will have to engage with other countries to expand our trading relationships but on the strength of our own competitiveness.”

He said that if other countries want access to the market of 130 crore Indians then they will have to give us equal access to their market. India is not going to be a patient receiver of unfair trade practices, according to the release.

Stating that India had not been a gainer from the past free trade agreements (FTAs), the minister said that historical wrong will have to be corrected by our generation.

Goyal lauded the strong and decisive leadership of Prime Minister Narendra Modi for not signing the RCEP deal as it was not properly addressing India’s concern.

He said that India wants to do FTAs with developed countries like the US, the UK and EU.

The minister added that India is ready to sign a limited trade deal with the US at the earliest. He assured that deal will entail substantive gains for the country.

All the forthcoming trade deals will be undertaken after discussions with all the stakeholders, and the interests of dairy, agriculture, MSMEs and indigenous manufacturers will be properly safeguarded, he said.