The minister said that India is negotiating free trade agreements with several countries including the UK, UAE and Australia.
Commerce and Industry Minister Piyush Goyal on Friday said there are several non-tariff barriers that need to be removed and reciprocal action will be taken wherever India treats domestic industry unfairly.
Non-tariff barriers to trade are restrictive practices that create barriers to the smooth flow of imports and exports.
“Trade 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 studied, we need to work on solving those barriers. Wherever we find unfair, unjust treatment. For India, India has to take reciprocal action,” he said at the 54th convocation of the Indian Institute of Foreign Trade (IIFT).
The Minister said that India is negotiating free trade agreements with several countries including UK, UAE and Australia and the young talent of IIFT can help achieve India’s transformative agenda for international trade.
On the country’s exports, Goyal expressed confidence that the country will achieve the target of $ 400 billion for the current financial year.
“We are confident of achieving this year. We have already done USD 197 billion in six months. We aspire to go up to USD 1 trillion in the near future, for each of the goods and services… For this we need thousands of young boys and girls coming out of IIFT.”
Apart from this, he said that the topic of dual degree and cooperation with IIFT is discussed during the FTA talks.
“I would urge you to take the dual degree process forward, fast-track it and identify institutions of excellence across the world… Australia, UK and UAE have already collaborated with Indian universities and institutions of repute. There has been a lot of interest and I would urge IIFT to take this process forward.”
On granting IIFT the status of Institute of National Importance, he said that the ministry will take it forward in the coming months through necessary legislative changes, which it will require.
On reaching the 100 crore vaccination mark, the minister said that it is a symbol of India’s potential, resilience and the strength of 135 crore Indians.
“Vaccine century is the true symbol of India’s collective wisdom. It is a victory of Make in India for the world,” he said.
Meanwhile, Pradeep Multani, President, Industry body PHDCCI, commenting on the milestone said that the vaccination campaign has not only boosted the confidence of the people, trade and industry, but has also created positive economic projections by various national and international organizations.
“The use of technology and scientific approach for vaccine distribution and procurement is the key to India’s vaccination campaign. Through this, investors are encouraged to invest in India as well as invest in some of the key sectors like housing, agriculture, sports There is high optimism as these are booming and generating employment for the youth,” said Mr. Multani.
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