India Poised to Reshape Global Trade, Says Piyush Goyal at 9th Global Technology Summit

Speaking to an audience of global leaders, policymakers, and industry experts, Goyal underscored India’s strategic positioning in the global economic landscape.

Union Minister of Commerce & Industry, Shri Piyush Goyal, delivered a compelling keynote address at the 9th Global Technology Summit in New Delhi, emphasizing the vast potential India holds in reshaping global trade dynamics, especially with trusted partners like the United States. Speaking to an audience of global leaders, policymakers, and industry experts, Goyal underscored India’s strategic positioning in the global economic landscape.

India’s Growing Economic Power: A Gateway for Global Trade

Shri Goyal began his address by highlighting India's emergence as the world’s fastest-growing large economy. With a population of 1.4 billion people, India is poised for an extraordinary economic transformation, set to grow eight times over the next two to two-and-a-half decades. "There is a delta of opportunity that India offers," Goyal declared, pointing to the massive domestic demand and the scale of the country's economy, which is being increasingly recognized on the global stage.

He further emphasized that India’s economic growth trajectory is not just fueled by its demographic advantage, but by the aspirations of its youthful population, which is ready to embrace innovation, entrepreneurship, and global expansion.

In the past two years alone, India has hosted eight high-level delegations from various parts of the world, signaling a growing international interest in forging stronger trade and diplomatic relations with the country. This is a testament to India’s emerging importance in global economic discussions.

India’s Trade and Foreign Policy: Fair and Reciprocal Partnerships

Shri Goyal addressed key concerns around India’s trade policies, particularly its tariff protection measures. These are primarily aimed at safeguarding India’s industries from unfair trade practices employed by non-market economies. "India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play," Goyal asserted.

A notable highlight was his strong stance on external pressures, particularly in the context of trade relations with China. Goyal reaffirmed India’s firm position on prioritizing its national interests. "India will always put its interests first," he said, emphasizing that China’s Foreign Direct Investment (FDI) in India has historically been minimal and that India’s trade relations are focused on developed economies that adhere to fair business practices. His comments also reaffirmed India’s decision to stay out of the Regional Comprehensive Economic Partnership (RCEP) in 2019, a decision that he believes has been vindicated by current global trends.

The Role of India’s Talent and Innovation in Global Trade

A key point in Goyal's address was India’s vast talent pool, particularly in science, technology, engineering, and mathematics (STEM) fields. He highlighted that 43% of India’s STEM graduates are women, a significant factor that showcases the country’s commitment to inclusive growth. Goyal pointed out that Indian innovators, empowered by this talent pool, are well-positioned to develop R&D-driven solutions that cater to the nation’s unique needs. "If undue pressure is exerted, Indian innovators will rise to the occasion with solutions better suited to our needs than what others can offer," he said.

This emphasis on India's innovation capacity underscores the country’s potential to lead in emerging technologies, from AI to renewable energy, and contribute to reshaping the global technological landscape.

A Call for Reforms at the WTO: Fair Trade for Developing Nations

Speaking on the global trading system, Goyal highlighted that trade cannot be viewed through a single lens. While developed nations have prospered, there is an urgent need for developing and least-developed countries to be given the time and support necessary to catch up. He called for the World Trade Organization (WTO) to evolve and better recognize the needs of emerging economies.

India, Goyal emphasized, remains committed to multilateralism, but reforms at the WTO are essential for creating a more equitable global trading system. He specifically called for a reassessment of the definition of “developing countries” and for clarity on critical issues such as e-commerce rules, agriculture decisions, and fisheries negotiations. He highlighted that unless countries that have contributed to overfishing are willing to reduce their practices, emerging economies like India will never get a fair opportunity to develop their fishing industries.

Goyal's remarks pointed to the broader necessity of updating the global trade framework to reflect the realities of the 21st century, where emerging economies play a crucial role.

India’s Future in Free Trade Agreements (FTAs)

On the subject of Free Trade Agreements (FTAs), Shri Goyal reiterated the importance of balancing timelines with national interests. While ambitious FTAs are important for India’s global trade strategy, he stressed that every agreement must be equitable, fair, and mutually beneficial. "National interest cannot be compromised to meet deadlines," he said, stressing that every decision must be made in India’s long-term strategic interest.

Progress on the EU-India FTA was also discussed, with Goyal acknowledging the strides made in the negotiations. However, he pointed out that challenges remain, particularly the EU’s inclination to link non-trade issues, such as climate regulations, with trade agreements. Goyal warned that these non-tariff barriers could become significant hurdles for global trade, not just for India, but for the world economy as a whole.

A Global Call to Action: Trade Must Benefit All

In conclusion, Shri Goyal’s address was a strong call for reform in global trade, one that accounts for the growing importance of emerging economies like India. He emphasized that the world’s trading order cannot continue to operate under outdated assumptions and practices. "The world cannot be viewed through a single lens," he said, urging the need for a more inclusive global trade system that supports the aspirations of developing countries.

India, with its vibrant economy, young talent pool, and commitment to fair play, is ready to take on a leadership role in global trade. As the world transitions into a new era of economic relations, India stands poised to be a key player in shaping the future of global trade and commerce.