At the G20 Trade Ministers’ Meeting in Milwaukee, US, Commerce and Industry Minister Piyush Goyal emphasized India's commitment to a fair and equitable global trading system through WTO-compliant measures.
On the concluding day of the G20 Trade Ministers’ Meeting in Milwaukee, US, India's Commerce and Industry Minister, Piyush Goyal, advocated for a transparent and WTO-compliant approach to address global trade distortions. He highlighted that India is the fastest-growing large economy in the world with a domestic-demand-driven economy catering to 1.4 billion people.
India's manufacturing sector, according to Goyal, is building value chains from design to finished goods, positioning itself as a trusted link in global supply chains. He reiterated that India's manufacturing capacity caters to both domestic and global needs, without any structural excess capacity as identified by the G20 Presidency.
Goyal addressed concerns about trade-distorting support leading to dumping and predatory pricing. He emphasized that such issues are addressed through WTO-consistent measures such as anti-dumping and countervailing duties, subject to judicial review. He pointed out that industrial capacity in itself is not the issue, but distortions may arise due to geographical concentration of production driven by hidden subsidies and support.
Emphasizing the importance of diversification, Goyal stated it should not be used as a pretext for measures outside WTO rules or for shifting the burden of adjustment onto developing countries, which must retain policy space to industrialize. He also underscored the need for sharing statistics and data within existing mechanisms.
Goyal highlighted that India’s trade with G20 members depends on a transparent, non-discriminatory and rules-based trading system. He said Most-Favoured-Nation treatment is a key guarantee of this system, ensuring the same terms apply to the smallest trader and the largest trader.
Speaking on ending forced labour in global supply chains, Mr Goyal said India’s commitment to the elimination of forced labour is absolute and unconditional. He reaffirmed India’s commitment to a rules-based, fair, equitable, non-discriminatory, transparent, open, inclusive and multilateral trading system with the WTO at its core.
On the sidelines, Mr Goyal held bilateral meetings with his counterparts from Australia, Saudi Arabia, and South Korea, among others.
Source:
Akashvani News
