Focused on doing trade deals to complement, not compete: Goyal

LONDON, Jun 19: India is in trade dialogues with countries with whom it doesn’t compete but can complement the economies involved, Commerce and Industry Minister Piyush Goyal said here on Thursday.
Addressing an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, the minister elaborated on the opportunities that trade deals open up – bilaterally and to the wider global economy.
“Our focus is on entering into robust trade agreements with the developed world,” said Goyal, pointing to the UK-India FTA as well as deals concluded with Australia, the UAE and European Free Trade Association (EFTA).
Goyal said that 15 years ago, before their party’s government came into power, India was more focused on doing trade agreements with countries that “are our competitors”.
“It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India,” he said.
Referencing the ongoing trade negotiations with the US, New Zealand, the European Union (EU) and Gulf countries, the minister said: “We are in dialogue with countries with whom we don’t compete, with whom we complement each other; where they have certain things to offer, which India would love to have, as with the UK agreement, and we have certain things on offer. We don’t hurt their economies.”
“Therefore, these agreements will help us grow as an economy, help our innovation ecosystem get the right equipment, the right enabling environment. Our effort is to collaborate, co-create, co-operate and co-design. Let’s work together as friends and allies of the democratic world,” he added.
During the wide-ranging discussion with Science Museum director and chief executive Sir Ian Blatchford, Goyal highlighted the big wins for the sector with the recently concluded FTA with the UK at a time when India is set to “massively invest” in the innovation ecosystem over the next 10-15 years.
“I think a Free Trade Agreement also adds value to science and technology, and innovation. A trade agreement is not only about opening the doors wider for bilateral trade in goods or in services or even promoting investments. A Free Trade Agreement demonstrates to the world that the two countries are friends, are allies, plan to work together closely; they trust each other,” he said.
On Artificial Intelligence (AI), Goyal expressed optimism that it would open up many more avenues rather than an area of concern that could lead to job losses.
“We are not only looking at it (AI) as a need to retrain our people, to re-skill our talent, but adopt it for regulation to provide for ethical use of AI and safeguard against misuse,” he said.
The session also marked the launch of a memorandum of understanding (MoU) between the Quantum Ecosystems and Technology Council of India (QETCI) and IGF for UK-India Quantum Value Chain Mapping.
“This is a really rich relationship between our two countries, which is already thriving and which has great potential, well beyond free trade agreements,” said Blatchford. (PTI)

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