Page 31 - Piyush Goyal

Goyal, UK SoS Trade Bandenoch discuss further boosting trade relations

While appreciating the efforts of both the CNs, the Ministers desired a good pace of exchanges to be continued with a better understanding of each other's aspirations and sensitivities

India, US hold meeting to discuss ways to promote trade, investments

Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai on Saturday discussed ways to promote trade and investments between the two countries. In a message on social media network X (formerly known as Twitter), Goyal said he held a bilateral meeting with the US counterpart Tai. "Discussed key bilateral issues of mutual interest and explored ways to give further impetus to the growing India-US partnership through enhanced trade and investments," he said. An official has recently said that both countries are looking at ending their last trade dispute related to poultry in the World Trade Organisation (WTO). Besides they are also looking at enhancing the partnership by permitting companies in both countries to participate in each others' government procurement. In July, India and the US mutually resolved six trade disputes pending at the WTO, in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi in ...

Piyush Goyal quizzes Chinese trade minister Showen on dumping of goods

To the Chinese trade minister, Wang Showen, Goyal inquired whether China regretted India's decision not to join the Regional Comprehensive Economic Partnership (RCEP) trade deal

Value chains to MSMEs, G20 ministerial meeting lays out focus areas

The ministerial meeting occurred against the backdrop of the global challenges that international trade growth has been facing

India's heart with US rather than China-led trade pact RCEP: Piyush Goyal

At a session with Chinese and US trade ministers, Union Minister Piyush Goyal on Friday said India did not join China-led RCEP as its trade deficit would have widened and New Delhi's "heart" is with Washington, hinting at the trade surplus with the US. The Commerce and Industry Minister's remarks at the B20 summit in the national capital while moderating the 'Trade Ministers' Session' where Wang Shouwen, Vice Minister in the Ministry of Commerce of China and US Trade Representative Catherine Tie were present. Goyal asked Wang if Beijing regretted that India chose not to join the Regional Comprehensive Economic Partnership (RCEP). To this, Wang said China and India's trade relationship has been growing very fast and last year, the bilateral trade reached USD 130 billion. "If there had been an FTA agreement between China and India, either bilaterally or in RCEP context, the trade potential (that) exists between our two countries will be much further tapped in to the benefit of our tw

India-UK FTA negotiations going on, making good progress: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible. "We are working hard, we are all committed to a fair, equitable, and balanced trade agreement, respecting each other's sensitivities, respecting the different levels of developments that both the countries have and respecting the future potential that each country brings to the table," Goyal told reporters here. Keeping all of these circumstances in mind, the two countries have made "good" progress and the 12th round of talks is undergoing, he added. When asked about the deadline for concluding the negotiations, the minister said no country in the world works through specific deadlines. "But I would like to see it happen tomorrow, the faster the better We are both committed to a good outcome, at the fastest possible speed," he added. UK Business and

G20 trade and investment ministers' meet adopts outcome document: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the G20 trade and investment ministers' meeting has adopted an outcome document and chair's summary which talks about promoting global trade and support to MSMEs. After the conclusion of the two-day meeting here, the minister said that there are several new elements in the document. The outcome document talks about WTO reforms, future-ready global value chains and digitisation. However, he said that there is only one para of the 17-page statement where "we could not get consensus for obvious reasons".

Trade deficit falling at rapid pace, exports to see growth: Piyush Goyal

India's trade deficit is falling at a rapid pace and the exports are expected to see positive growth in the coming months, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that countries in the world are facing a slowdown and global trade is relatively weak right now. Given the challenging situation, high interest rates, and cut down in discretionary spending have led to a fall in the exports of readymade apparel and the gem and jewellery sector, the minister said adding lower petroleum prices have resulted in lower export numbers. All in all, trade continues to be robust, our trade deficit is falling rapidly. And India will continue to benefit significantly from our global outreach, Goyal told PTI. When asked if he expects the country's merchandise exports to come in positive growth from September, he said, "I do believe it is possible". India's exports contracted by 15.88 per cent in July, the sixth straight month of decline, to USD 32.25 billion this year d

G20 meet: Piyush Goyal confident of broad consensus on trade issues

He also expressed confidence that the G20 ministers of trade and investment would achieve a broad consensus on all trade-related issues during the two-day meeting

GCC keen to 'quickly' start talks for free trade agreement: Goyal

The Gulf Cooperation Council (GCC) has expressed the desire to "quickly" get back on the negotiating table to discuss a potential trade agreement, Commerce and Industry Minister Piyush Goyal said on Thursday. Last year, both the regions agreed to pursue an FTA and resume the negotiations. GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the largest trading bloc of India. "We have large investments coming from GCC countries. We already have a FTA with UAEThe GCC countries led by Saudi Arabia have expressed the desire to quickly get back on the negotiating table to discuss potential agreements with the GCC countries. Many GCC member nations have also approached India individually with the request to enter into a bilateral agreement," he told reporters here. The minister is here for the G20 trade and investment ministerial meeting. Among the economic regions, GCC is the top source of imports. Imports from GC

Trade talks with UK progressing extremely well, says Piyush Goyal

The ongoing negotiations between India and the UK on a free trade agreement (FTA) are progressing "extremely well" and it is expected to conclude at an early date, Commerce and Industry Minister Piyush Goyal said on Thursday. He said both sides are confident that they will come out with a "very" balanced, equitable and fair agreement in the interest of businesses and people of both the countries. When asked about the UK's demand on import duty concessions on auto, whiskey and dairy products, he said India and the UK both are pressing hard for their requests and concerns. "There is hardly an issue on which we are not negotiating and I assure you that it will be a strong and hard outcome that will come out of all these negotiations... I believe we have to talk with sincerity, with speed but ensuring balance... and we are both committed to come up with a win-win solution for both countries. I hope it can happen at an early date," Goyal told reporters here. The UK team is here for the

Smooth functioning of dispute settlement mechanism in WTO reforms: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said that the smooth functioning of the dispute settlement mechanism and consensus-based decision-making process of the World Trade Organisation (WTO) are key in the process of the reforms of the Geneva-based body. Several developed countries including the US are pitching for WTO reforms. It is also one of the priority areas of discussion in the meeting of trade and investment meetings here. G20 member countries are gathering here for that meeting. Goyal also said that common but differentiated responsibility (CBDR) should be there in the reforms as different countries have different levels of economic development. The dispute resolution mechanism, which is not working properly for the last few years, needs to be re-established consensus based decision-making should continuethese are few central principles, which should be there in the WTO reforms, he told reporters here. Goyal held a bilateral meeting with WTO Director-Gene

Reaching consensus on Jaipur call for action to promote global trade: Goyal

A day ahead of the G20 trade ministers meeting here, Commerce and Industry Minister Piyush Goyal on Wednesday said the member countries are looking at reaching a consensus on a "Jaipur call for action" to help promote industry, MSMEs, and global trade. Representatives of the G20 countries are gathering here for the trade and investment ministerial meeting, scheduled on August 24-25. Briefing the media about the meeting, Goyal said that the officials of the countries have been burning the midnight oil to forge consensus and build a document on the priority areas. When asked whether disagreement among G20 member countries over the Russia-Ukraine conflict is a concern, Goyal said members are trying to build a consensus on as many issues as possible keeping in mind this reality. ".there are some realities on which there is no possibility of a consensus ... barring this we are trying to build a consensus on all the remaining priorities, he added. In February, the meeting of finance lea

Govt restarts onion procurement at Rs 2,410/qtl in Maha, MP: Piyush Goyal

The government on Tuesday restarted onion procurement at Rs 2,410 per quintal in Maharashtra and Madhya Pradesh for its buffer stock, to protect the interest of farmers amid export curbs imposed to arrest the rising retail prices of the key kitchen commodity ahead of festival season. On August 19, the government imposed a 40 per cent export duty on onions to restrict outward shipments and boost local availability amid apprehension about the Kharif output. Briefing media, the Commerce and Consumer Affairs Minister Piyush Goyal said, while imposing export duty on onion, the government simultaneously decided to procure an additional 2 lakh tonnes of onion from farmers for the buffer stock. "This was done to protect the interest of farmers. This will give better prices to the farmers," Goyal said. Cooperatives National Cooperative Consumers' Federation of India Limited (NCCF) and National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) are undertaking procurement in

BRICS economies catching up with combined GDP of G7 countries: Piyush Goyal

BRICS is the driving force of global growth and the economies in the five-member bloc are catching up with the combined GDP of G7 countries, with significant shifts in the manufacturing process, Union Minister of Commerce Piyush Goyal said here on Monday. He was speaking at the opening ceremony of the BRICS Manufacturing Business Summit. The 21st century has witnessed significant shifts in what we manufacture, how we manufacture and for whom we manufacture, Goyal told delegates from more than 30 countries at the event. Manufacturing is a significant part of trade and industry and plays a pivotal role in the growth of a nation. While its dominance in the economy continues, the 21st century has witnessed a significant shift in what we manufacture, how we manufacture and what we manufacture, he said at the summit. The summit was one of the peripheral events ahead of the 15th BRICS Summit at which the leaders of the member countries - Brazil, Russia, India, China and South Africa - wil

Laptop can be quite a potent source of leakage: Goyal on import restriction

Union minister of commerce and industry Piyush Goyal on Thursday said that there are security concerns involved in the decision to restrict import of laptops. The minister said that there will be no disruption in the availability or the price and the government will be ready to engage with industry and look at other options also. "Here is an issue, which is a serious security matter. Even Tesla car is not allowed anywhere near where Xi Jinping (President of China) is present. Because they're very conscious of the risks of security, even for a car being present in the vicinity of the premier of China. India also has to protect ourselves from countries who are antagonistic to India," Goyal said. While speaking at an event of book launch of journalist Nalin Mehta, Goyal said that the present government is a listening and accessible government. "We are conscious that laptops are our continuous companion. Laptops are being used for all our privileged and confidential information. And th

In a first, non-trade issue gender equality included in FTA talks

Led by Trade Minister Piyush Goyal, India's approach to FTA talks has seen a perceptible shift

Oppn parties move privilege notice against Goyal over remarks against them

Several leaders of the opposition alliance INDIA have given a privilege notice against leader of the house in Rajya Sabha Piyush Goyal over his certain remarks against some opposition leaders. Among the parties whose leaders gave the notice are the Congress, TMC, AAP, RJD, DMK, RJD, JDU, NCP and the Left parties. Sources said leaders of INDIA parties gave the notice to the Rajya Sabha chairman complaining against Goyal's certain remarks made while he was speaking on the issue of media portal 'NewsClick' receiving funding from China-linked firms allegedly to spread Chinese propaganda. Goyal questioned the relationship between the opposition parties and the news portal 'NewsClick', now accused by the New York Times of receiving funding from China-linked firms. "Today at 1300 hrs, the floor leaders of INDIA parties in the Rajya Sabha submitted a privilege motion against Leader of the House Piyush Goyal for addressing the Opposition as all of them 'traitors'," Ramesh said on ...

India, LAC countries need to collaborate in tourism, hospitality: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday pitched for increasing collaboration between India and LAC countries in areas such as tourism, hospitality and promoting investment flows. Latin America and the Caribbean (LAC) Region nations include Belize, Ecuador, Nicaragua, Brazil, El Salvador, Panama, Chile, Guatemala, Peru, Costa Rica, Guyana, and Suriname. He said huge opportunities are there in both regions to boost trade and investments. Goyal also said that India and LAC countries need to come together so that their voice can become strong at global fora. Addressing the CII India-Latin America & Caribbean (LAC) Region Conclave, he said India can contribute a lot in areas like healthcare and hospitality.

Tesla discusses India plans with commerce minister Goyal in Delhi -sources

Tesla has expressed an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla's current entry model