NEW DELHI: India is working on the principle of self-reliance and building value chains that will safeguard the country during difficult times when there is turbulence in global trade, Commerce and Industry Minister Piyush Goyal said at a CII event here on Tuesday.
“We are building capabilities, supply chains, and value chains which can help us in difficult times, and ensure we will not be subjected to any weaponisation of trade and we will always be in a position to meet our international obligations,” said Goyal.
The commerce minister’s comments come at a time when India is facing a major export disruption because of 50% US tariffs imposed on several Indian export items such as textiles, apparel, carpets etc.
Goyal assured that the Centre will continue to protect the interest of Indians during trade agreements with global partners. He asserted that India is working on a three-pronged framework — Atmanirbhar (self-reliance), Atmavishwas (self-confidence), and Atmaraksha (self-protection) — as the guiding principles for India’s future policy direction.
As India continues its trade agreement talks with countries like Oman, Peru and New Zealand, and aims to finalise free trade agreement negotiations with the European Union, Goyal said: “When we engage with other countries in the world, we are confident that we will be an equal participant, equal stakeholder and work truly as partners with them.”
The minister also emphasised that the recent overhaul of the GST system will simplify processes, reduce the tax burden on consumers, and give a strong boost to consumption-led growth of the Indian economy.
India’s FTA with the European Free Trade Association (EFTA) countries -- Iceland, Liechtenstein, Norway and Switzerland -- will come into effect from October 1 this year. The Commerce Minister added that developed nations are keen to sign FTAs with India, which has already concluded such agreements with the UAE, Australia and the UK.