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India strongly believes in multilateralism and will work for the strengthening of the WTO with other stakeholders said Union Minister of Commerce and Industry & Railways,Piyush Goyal, in New Delhi today. He was part of a panel discussion at the Raisina Dialogue being held in the National Capital on 14-16 January 2020.
India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed rules based trading system said the Minister.
He further stated that India also believes in the strengthening of the WTO and is one of the first four countries to pay all its dues to the World Trade Body.
Commerce and Industry Minister stated that it is the right time now to make trade policies that are people centric to be sustainable, to eliminate poverty and raise prosperity levels for all citizens.
Piyush Goyal informed that India has not imposed any curbs on imports from either Malaysia or Turkey or any other country and it believes in fair play and equal terms for all trading partners and if curbs are imposed,they apply to all countries.
On the issue of the import of goods in the ‘others’ category, the Commerce and Industry Minister clarified that one out of four items valued at USD 130 billion are in the ‘others’ category. Right classification of these imports under HSN code will only lead to greater transparency and establish fair trading practices and make India a fair place to do business and trade and also provide equal opportunity to all.
Commerce and Industry Minister also clarified that India allows e-commerce companies to work on the marketplace model where buyers and sellers are free to buy and sell and follow the rules of the marketplace and laws of the country which clearly say that FDI in multi-brand retail willonly be allowed up to 49%. Surreptitious entry by e-commerce companies into multi-brand retail, that is being investigated by the authorities is welcome said the Minister.
Commerce and Industry Minister informed that India is in dialogue with EU and the US to sort out pressing trade issues and further expand engagement with them.