India's Strategic Trade Partnerships Amid Global Protectionism

Union Minister Piyush Goyal emphasizes India's commitment to global trade under the WTO framework, despite its current ineffectiveness. India navigates protectionist trends by expanding trade agreements, with recent deals involving 38 wealthier countries. With aspirations of a USD 30 trillion economy by 2047, international cooperation remains vital.

Union Commerce and Industry Minister Piyush Goyal on Thursday underscored India's ongoing dedication to international trade despite challenges posed by global protectionism and a less effective World Trade Organization (WTO). Speaking at the India Global Innovation Connect (IGIC) meeting, Goyal reiterated India's commitment to expanding trade partnerships while navigating rising protectionist measures by several developed economies.

Addressing concerns on protectionism, the minister noted efforts by countries like the United States, the European Union, and the United Kingdom to shield domestic industries such as steel from foreign competition. Goyal highlighted India's approach to safeguard its economy against unfair practices while forging partnerships from a position of strength and mutual benefit.

Goyal outlined India's proactive strategy through trade agreements and investment partnerships with wealthier nations. With the signing of nine free trade agreements in recent years covering 38 countries, Goyal pointed out India's youthful workforce and expansive market as attractive incentives. He emphasized the importance of these partnerships in realizing India's goal of becoming a developed nation by 2047, projecting a potential USD 30 trillion economy through increased global cooperation.