Goyal calls for free trade within rules-based multilateral trading system

Union Minister Piyush Goyal addresses the IIFT Convocation in New Delhi on October 22, 2021. (PIB)

New Delhi: Union Commerce and Industries Minister Piyush Goyal on October 22, 2021, called for free trade within a rules-based multilateral trading system with honesty and transparency as core values.

Addressing the 54th Convocation of the Indian Institute of Foreign Trade in New Delhi, he added that wherever India faces unfair or unjust treatment, it will take reciprocal action.

Goyal also emphasized the need for the resolution of issues posed by Non- Tariff Barriers in international trade.

Applauding Prime Minister Narendra Modi’s visionary leadership, Goyal said that India’s decisive leadership, strong industry, vibrant media, and its resolve to uphold the rule of law, had made India a trusted partner to world nations.

Lamenting that India had suffered from several missed opportunities in the past, the Minister expressed the hope that “we would now be able to seize every opportunity available to us to grow”.

The past is a stepping stone, not a milestone, he added.

Observing that contemporary India was confident & yet dissatisfied, he said that dissatisfied, confident people are the ones who would change the world. He urged fellow Indians to never settle for less and to work together to make India a global leader.

Goyal commended IIFT for contributing immensely to India’s external trade since its establishment in 1963.

He said that IIFT has been widely recognized for its strong knowledge &resource base and has been consistently ranked amongst the leading business schools in the Asia-Pacific Region.

Goyal told the students that they were graduating amidst one of the most disruptive events in the collective memory of our times.

“In the post-COVID ‘New Normal’, we can no longer play by the old rules.”

He called for using the “disruptive interventions brought about by COVID to reorient our conventional, traditional thinking processes”.

Offering two cents from his versatile experience in foreign trade, Goyal urged the students to ‘Learn, Unlearn, Relearn and Repeat’.

Goyal said that despite challenges, India under PM Modi has aimed to convert a crisis into an opportunity for transformation.

He said that India is being looked upon as a trusted partner, and is engaging with like-minded nations, like the EU, UK, Canada, Australia, and the UAE for early conclusion of FTAs. (Press Release)

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