India seeks more equitable terms in trade deals: Goyal
DAVOS: Union minister Piyush Goyal on Tuesday said India is working on ways to have fairer and more equitable terms in its trade relationships with various countries.
Speaking here at the World Economic Forum (WEF) Annual Meeting 2020, the commerce and industry minister also called for greater cooperation among various nations to realise the huge growth prospects in the Indian Ocean region and also for tackling the important issue of climate change.
Goyal said the Regional Comprehensive Economic Partnership (RCEP) in its present form was clearly an unworkable agreement. “Any pact needs to take into account several factors. India is grappling with a huge trade deficit, particularly with China and many other nations in the region,” he said.
For the first time, India demonstrated that trade cannot be dictated by diplomacy, Goyal said, referring to India’s decision to pull out of the RCEP.
RCEP has had to factor in several diversities among partners, but India has serious concerns about climate change and is seeking greater cooperation on fair terms, he asserted.
Goyal was speaking at a Strategic Outlook session on ‘The Indian Ocean Rim’.
“We are like a pivot for the Indian Ocean and we believe this region has huge potential. At the same time, India is very much concerned about the issue of climate change.
“Going forward, the entire grouping around the Indian Ocean will play a very important role, while keeping in mind fair and equitable distribution. India also expects greater cooperation among various nations on climate change,” he said.
Goyal further said, “We in India are also working on how to put in place more equitable terms in our trade relations with various countries.” The Indian Ocean Rim sees two-thirds of the world’s oil shipments pass through its waters and is home to half of the world’s container ships that support 2.7 billion people.
The panellists discussed the strategic priorities for the Indian
Ocean Rim in 2020, including advancing regional cooperation, strengthening the blue economy and mitigating climate change.
The panellists included Samir Saran, president, Observer Research Foundation (ORF), Sultan Ahmed bin Sulayem, group chairman and chief executive DP World Ltd, among others.
Goyal also said India has contributed the least to global warming but is still being very responsible on fossil fuels, while the western world is not doing enough even after accounting for more than half of the carbon emissions.
The commerce minister added that India is committed to safeguarding the interest of its people while welcoming investors from across the world by making regulations easier for them.