Non-tariff barriers to trade need to be studied, resolved, says Piyush Goyal
Non-tariff barriers to trade are restrictive practices which create impediments in smooth flow of imports and exports.
Commerce and Industry Minister Piyush Goyal on Friday said there are lot of non-tariff barriers that need to be addressed and wherever India will find unfair treatment to domestic industry, it will have to take reciprocal action.
Non-tariff barriers to trade are restrictive practices which create impediments in smooth flow of imports and exports.
WATCH | Click on Zee Business Live TV Streaming Below:
"Trade today requires a lot of study, deep diving into what practices other countries follow. There are a lot of non-tariff barriers that need to be studied, we need to work to resolve those barriers. Wherever we will find unfair, unjust treatment to India, India will have to take reciprocal action," he said at the 54th convocation of Indian Institute of Foreign Trade (IIFT).
The minister said India is negotiating free trade agreements with several countries including the UK, UAE and Australia and young talents from IIFT can help in achieving the transformational agenda for India's international trade.
On the country's exports, Goyal exuded confidence that the country will achieve the USD 400 billion target for this fiscal.
"We are confident of achieving this year. We have already done USD 197 billion in six months. We are aspiring to go up to USD 1 trillion in near future, each for goods and services...For this we need thousands of young boys and girls coming out from IIFT," he added.
Further he said during FTA talks, the subject of dual degrees and collaborations with IIFT come up for discussions.
"I would urge you take the process of dual degrees forward, to fast track it and identify institutions of excellence across the world...Australia, the UK, and UAE have already shown huge interest in collaborating with Indian universities and institutions of eminence and I would urge IIFT to take this process forward," he added.
On granting the institute of national importance tag to IIFT, he said the ministry will pursue that in the forthcoming months through the necessary legislative changes that it would require.
On reaching the 100-crore vaccination mark, the minister said it is a symbol of India's ability, resilience, and strength of 135 crore Indians.
"The vaccine century is a true symbol of the collective wisdom of India. It is a victory for Make In India for the world," he said.
Meanwhile, commenting on the milestone, industry chamber PHDCCI's President Pradeep Multani said it is encouraging to note the vaccination drive has not only increased the confidence of people, trade and industry, but has also created positive economic projections by various national and international organisations.
"The use of technology and scientific approaches for vaccine distribution and procurement are the key to India's Vaccination drive. Through this, there is high optimism among investors to invest in India as well as some key sectors like housing, agriculture, sports as these are booming and creating jobs for youth," Multani added
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
05:33 PM IST