Commerce and Industry Minister Piyush Goyal on Friday said there are a lot of non-tariff barriers that need to be addressed and wherever India will face an unfair treatment at trade front, it will take reciprocal action.
Non-tariff barriers to trade are restrictive practices which create impediments in smooth flow of imports and exports.
“Trade today requires a lot of study, deep diving into what practices other countries follow. There are a lot of non-tariff barriers that need to be studied, we need to work to resolve those barriers. Wherever we will find unfair, unjust treatment to India, India will have to take reciprocal action,” he said at the 54th convocation of Indian Institute of Foreign Trade (IIFT).
The minister said India is negotiating free trade agreements with several countries including the UK, UAE and Australia and young talents from IIFT can help in achieving the transformational agenda for India’s international trade.
On the country’s exports, Goyal exuded confidence that the country will achieve the USD 400 billion target for this fiscal.
“We are confident of achieving this year. We have already done USD 197 billion in six months. We are aspiring to go up to USD 1 trillion in the near future, each for goods and services…For this we need thousands of young boys and girls coming out from IIFT,” he added.
Goyal also called for free trade within a rules-based multilateral trading system with honesty and transparency as core values.
Further, he said during FTA talks, the subject of dual degrees and collaborations with IIFT come up for discussions.
“I would urge you take the process of dual degrees forward, to fast-track it and identify institutions of excellence across the world…Australia, the UK, and UAE have already shown huge interest in collaborating with Indian universities and institutions of eminence and I would urge IIFT to take this process forward,” he added.
On granting the institute of national importance tag to IIFT, he said the ministry will pursue that in the forthcoming months through the necessary legislative changes that it would require.
On reaching the 100-crore vaccination mark, the minister said it is a symbol of India’s ability, resilience, and strength of 135 crore Indians.
“The vaccine century is a true symbol of the collective wisdom of India. It is a victory for Make In India for the world,” he said.
Meanwhile, commenting on the milestone, industry chamber PHDCCI’s President Pradeep Multani said it is encouraging to note the vaccination drive has not only increased the confidence of people, trade and industry, but has also created positive economic projections by various national and international organisations.
“The use of technology and scientific approaches for vaccine distribution and procurement are the key to India’s vaccination drive. Through this, there is high optimism among investors to invest in India as well as some key sectors like housing, agriculture, sports as these are booming and creating jobs for youth,” Multani added.