The country's goods and services exports are marching ahead to cross $750 billion in the current financial year and talks for expanding rupee trade with certain countries are at an advanced stage, Commerce and Industry Minister Piyush Goyal said on Monday. Goyal said that last year the exports reached an all time high of $676 billion.
“We are inching close and marching ahead to cross $750 billion of goods and services exports in 2022-23…We are expanding rupee trade with several countries, many of which are at an advanced stage of dialogue and finalisation.,” he said here at the CII partnership summit.
Earlier, exports used to hover at around $500 billion every year, he added. India's merchandise exports during April-January this fiscal have increased to $369.25 billion as against $340.28 billion in the same period last year. Services exports during the 10-months period are estimated at $272 billion. Further the minister made 10 recommendations to promote global trade.
The suggestions include addressing tariff and non tariff barriers; a string and responsive international institutional framework; and collaboration in trade and technology. “When we talk of building resilient and global value chains, we must collectively address the challenges of tariff and non-tariff barriers. There are so many non-tariff barriers and as countries create them, others are tempted to follow suit. It is imperative that nations must address these in a mission mode,” Goyal said.
He said that for financing global recovery, a strong and responsive international institutional framework is needed for within which “we must” reform several multilateral organisations and trading arrangements that have, over the years, led some non-transparent economies whose economic systems are totally opaque- to enjoy the fruits of multilateral engagements.
“I think it is time the world called out such countries and made them accountable and transparent,” he said adding on emerging technologies, countries should undertake world skill mapping. “On one hand, find certain nations with tremendous skills, we can match that skill deficit yet rich countries which need those skills and that matchmaking is what partnerships are all about, Singapore and India are making serious efforts to do that. UAE and India have been doing that. I invite other countries so that workforce scarce countries can enjoy the fruits. With Australia, we are working on such mobility and migration partnerships,” Goyal said.
The minister also said that there is a need to promote flexible ESG frameworks, which are tailor made. India, he said, is aspiring to be the third largest economy in the world in the next 4-5 years.“We are entering into international agreements with several countries to enable our businesses as we will enable businesses around the world to engage deeply with each other so that we can become a larger player on the global economic front,” Goyal said.
He also informed that Sultan Ahmed bin Sulayem, Group chairman and chief executive officer (CEO) of DP World, is setting up large facilities in Jammu and Kashmir. Speaking at the event, Canada's Trade minister Mary Ng said that investing in Canada gives Indian companies the ability to grow their competitiveness and gain access to 60 per cent of the world's economy through the supply chain thanks to our network of free trade agreements.
“We are working on a trade agreement that is meaningful and that would make trade seamless and help develop supply chain links between our countries, create partnerships in that digital economy whether it is clean tech, agri tech, health tech, and creating solutions for the future be it climate change, food security.
“Our goal is to reach a deal that will support Indian and Canadian companies, manufacturers, service providers, farmers, workers, MSMEs, and ensure a deal that will benefit everyone,” she said. UAE Minister of Economy Abdulla Bin Touq Al Marri said bilateral trade with India is growing and $100 billion target is also now looking modest.