Thursday 14 / November / 2024
New Delhi: Indian Union Minister of Commerce and Industry Piyush Goyal says a $2 trillion export can only be achieved by collective efforts of all stakeholders.
Speaking at the 57th Convocation Ceremony of the Indian Institute of Foreign Trade (IIFT), Goyal emphasized that this goal requires a strategic and collaborative effort, building on the momentum of India's expected USD 800 billion in exports this year.
He said, "Let us partner to achieve the export target of $2 trillion by 2030. Given that we will cross USD 800 billion this year, we will need to really put in a lot of effort collectively to achieve USD 2 trillion. It will not happen by chance. It will happen by choice."
He added, "And we will all have to start planning for that. We'll have to find specific areas in which we shall all contribute, areas where we can play a greater role in the world economy."
Minister Goyal also stressed the potential of India's free trade agreements (FTAs) to open new markets and opportunities for businesses of all sizes.
He said, "And together, I am confident we can achieve this big target. Let us all work to take the free trade agreements that we have entered into, some that we will enter into in the next few years, to all our MSMEs, to all the small traders, to all our businesses, so that this information about new opportunities, new markets, new products, where we have access in our friendly countries can help us in grow business with these countries, help us in providing jobs to each and every one of our brothers and sisters."
He emphasized that by utilizing these agreements effectively, Indian businesses could tap into new markets and create job opportunities domestically, further driving India's economic growth.
In addition to exports, Minister Goyal identified the need to address non-tariff barriers, calling for actionable suggestions that could strengthen India's position in future trade negotiations.
Goyal emphasised, "We should also study the non-tariff barriers and give concrete suggestions which will help us in our free trade negotiation."
He added, "I think IIFT can increasingly become a think tank, a research organization, an organization that will help the Government of India and the Department of Commerce and the Department of Industry do their job better, do their work better, in the interest of business, trade and industry in such a way that no one is left behind and every industry grows not only to meet the needs of a growing population of 1.4 billion Indians, but increasing the share of India's trade, global trade in the years to come. Friends, the global stage awaits your leadership."
