India will take reciprocal action wherever it faces unfair global trade treatment: Goyal

India will take reciprocal action if it is treated unfairly or unfairly in trade practices, Union Trade and Industry Minister Piyush Goyal said on Friday at the Institute’s 54th Convocation Indian Foreign Trade in New Delhi. He said that there are many non-tariff barriers that need to be overcome.

Non-tariff trade barriers are restrictive measures that hinder the free movement of goods between countries. Goyal noted, “Business today requires a lot of study, a deep dive into the practices followed by other countries. There are a lot of non-tariff barriers that need to be investigated, we need to work to resolve those barriers. , unfair treatment to India, India will have to take reciprocal action. “

India is discussing free trade agreements (FTAs) with the United Kingdom, the United Arab Emirates, Australia and a number of other countries, according to Goyal. He believes that the young talents of the IITI can help India achieve its “transformative goal” for foreign trade. He is optimistic that India will meet its export target of $ 400 billion during the fiscal year.

“We are confident that we will achieve our goals this year. In just six months, we have completed $ 197 billion in transactions. In the near future, we want to reach $ 1 trillion in products and services. For this we have need thousands of young boys and girls coming out of IITIF, “Goyal noted. He also stressed the need for free trade within a rules-based multilateral trade framework that emphasizes honesty and transparency.

Indian Trade Transformation Agenda

According to Goyal, the subject of double degrees and collaborations with the IIFT has been brought up during the discussions on the FTA. He encouraged moving forward with dual degree programs, speeding up the process, and identifying world-class universities. “Australia, United Kingdom and United Arab Emirates have already shown great interest in collaborating with prominent Indian universities and institutions and I urge IITI to move this process forward,” added the Minister of The union.

He said that India’s recent success with 100 crore of vaccines was the result of a collaborative effort of 130 crore by Indians and a testament to India’s “Atmanirbhartha” and its willingness to shoot. to the best of its strengths and to meet the needs of the whole world.

Since its establishment in 1963, the IITI has made a significant contribution to India’s foreign trade, the Union Minister said. He said the IITI is well known for its vast expertise and resource base, and has been consistently ranked among the top business schools in the Asia-Pacific region.

(with PTI entries)

Image: pib.gov.in

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