Latest news with #IndiaGlobalForum2025
The Hindu
10 hours ago
- Business
- The Hindu
India seeking trade deals with rich, democratic countries: Goyal
Commerce and Industry Minister Piyush Goyal said the government was interested in doing trade deals with rich countries and democratic allies, as he distanced himself from previous governments' efforts to explore deals with countries he considered competitors. Mr. Goyal's comments were made at the India Global Forum 2025 conference, during a conversation with Ian Blatchford at London's Science Museum. The government was focused on 'entering into robust trade agreements with the developed world', he said, contrasting it to the practice '15 years ago, when we were more focused on doing trade agreements with countries who are our competitors'. Mr. Goyal referred to trade deals with ASEAN (Association of South East Asian Nations) countries, presumably meaning The Regional Comprehensive Economic Partnership (RCEP) negotiations. These talks had commenced in 2012 and India had begun exploring participation in this agreement a few years earlier under the Congress-led UPA government. He described this as 'silly' because the countries in the region have now become the 'B Team of China'. Citing trade deals or negotiations with countries such as the U.K., Australia, Peru, the United Arab Emirates (UAE), and the European Free Trade Association countries, he said India's products complemented and did not compete with these countries' products. 'We don't hurt their economies,' he said suggesting that a pair of jeans could be made most cost-effectively in India while medical devices (for instance) could be made most efficiently in economically developed countries. These arrangements would help India grow its innovation ecosystem, Mr. Goyal said, as he pushed for co-development. 'Let's work together as friends and allies of the democratic world,' he added. Goyal sees goal for India in NHS Asked by Mr. Blatchford if India could 'save the NHS (National Health Service)', Mr. Goyal said the topic had become 'too much of a political hot potato' in the U.K. Yet he appeared to make a pitch for India being a destination for medical treatments if the problems the NHS faces (such as a lack of funding, shortage of staff and long wait times for treatment) were to become less of a political issue. Mr. Goyal suggested that patients could fly to India for treatment and that this could be done in a way — in the right political environment — without negatively impacting British jobs but 'supplementing and complementing the effort so that the citizens of United Kingdom and the residents of the U.K. live a healthier and happier life'.
The Hindu
10 hours ago
- Business
- The Hindu
In U.K., Goyal slams Opposition for criticising Indian government overseas
In the U.K. for a conference, Commerce and Industry Minister Piyush Goyal criticised the Opposition for criticising the government overseas. Mr. Goyal was speaking at a discussion at the Science Museum as part of the India Global Forum 2025. The Minister, who spent much of his time at the forum discussing the recently announced India-U.K. trade deal, commended the U.K. Labour Party for not backtracking on any commitments made to the Indian side by the Conservative Party, which was in power until early July 2024 and oversaw the majority of the trade negotiations with New Delhi. 'I must commend the current government for having committed to me well before your election, encouraging me to close the deal with the previous government,' Mr. Goyal said, adding that this represented the strength of British democracy. 'I'd like to commend both your political parties for that maturity that they have shown. I wish we had an Opposition equally mature who wouldn't come to your land... and to Oxford University... and run down his own nation,' Mr. Goyal said to laughter from the audience. Mr. Goyal was presumably referring to a talk by Leader of the Opposition in the Lok Sabha Rahul Gandhi at the University of Cambridge in 2023, in which he said that Indian democracy was under threat.
The Hindu
a day ago
- Business
- The Hindu
Goyal optimistic about signing first tranche of U.S. trade deal before July 9
As the clock ticks towards U.S. President Donald Trump's 'reciprocal tariffs' to kick in on July 9, Commerce Minister Piyush Goyal has expressed optimism that India and the U.S. could sign a preliminary or early tranche of a larger trade deal before that date, though he stopped short of confirming a deal would be signed. 'We are in continuous dialogue. I have always been an optimist,' Mr Goyal said in an interview with The Hindu on the fringes of a conference organized by the India Global Forum 2025 in London. Also Read | India-U.S. trade deal faces delays, original fall deadline back on the table 'I'm very confident that, given that the US and India are very friendly countries, trusted partners, both wanting to have resilient, reliable, trusted supply chains, both vibrant democracies, we will be able to come up with a win-win for the businesses of both countries,' Mr Goyal added. Failure to sign such a deal would , as things stand, would result in Indian goods entering the U.S. being tariffed at 26% starting in early July. Also Read | What is the significance of the India-U.K. free trade agreement? Mr Goyal did not comment on whether a deal on the sensitive dairy and agricultural goods sectors would form part of the preliminary tranche of the Bilateral Trade Agreement (BTA) under discussion with the U.S. 'I think negotiations are best left to the negotiators and the negotiating table. We will, of course, inform the media at the right time,' he said. Mr. Goyal also did not want to comment on the impact of the U.S.'s Trade Promotion Authority, which is a process in the U.S. Congress to delegate authority to the U.S. President to negotiate trade deals, including deals that offer below Most Favoured Nation (MFN) tariff rates to some trading partners of the U.S. Earlier, Mr Goyal had participated in a moderated discussion with his U.K. counterpart, Business and Trade Secretary Jonathan Reynolds. The two countries had announced a free trade agreement on May 6. Mr Goyal said the UK and India were successful in concluding a deal because the sides had agreed to be sensitive to one another's concerns, setting aside issues that could not be negotiated easily. On the India-EU trade talks, Mr Goyal said the sides were looking to conclude a trade deal by the end of this calendar year, when asked whether they would announce a full-scale trade deal or an interim agreement first. 'There's that famous English phrase…since we are in Great Britain …'the air is pregnant with possibilities', he said adding he did not know what size and shape the agreement would have. On weather the Trump administration's return to the White House had impacted the speed and direction of India's trade talks with the E.U., Mr Goyal suggested that third parties did not impact bilateral deals. Last week the E.U.'s foreign minister , Kaja Kallas, had said at a joint press conference with External Affairs Minister S Jaishankar that the E.U. was a 'reliable, predictable and credible partner for India'. Countries have been seeking to recalibrate their relationship with the U.S. since the return of U.S. President Donald Trump and his 'America First' philosophy to the White House. 'I don't think there's any impact of any other situation on a negotiation between two countries, because these negotiations are not a short term arrangement. These are like long-term marriages you are negotiating after crystal-gazing … 25 years, 50 years, into the future,' Mr Goyal said. India wants WTO strengthened On the relevance of the World Trade Organization given the change in the U.S. administration and its retrenchment from multilateralism, Mr Goyal said the world trade body had an 'important' role to play and that India believed 'very strongly' in multilateralism. '[ India ] believes we have to strengthen the WTO over the next few years through dialogue and discussions and will continue to play an increasingly important role to promote multilateralism,' he said. Tata Steel Not Discussed with the UK Mr Goyal also said that India had not made an intervention with the U.K. on behalf of Tata Steel which owns the Port Talbot steel plant in south Wales. The plant has had to import raw material from India and Europe following the closure of its blast furnace last year as it prepares to operationalize an electric-arc furnace in 2027. This may mean it runs afoul of the U.S.'s rules on inputs to qualify for any tariff reductions that the U.K. and U.S. agree to. The Trump administration has threatened to fully or partially maintain tariffs of 25% on British steel unless the U.K. provides guarantees on Tata Steel's inputs, as per a report in the Guardian. 'That, the U.K., has to negotiate with the U.S.,' Mr Goyal said.
