India’s Stategic and Economic Interests will be Protected in Multilateral Engagements: Piyush Goyal

Extensive Stakeholder Discussions held for Rcep: Piyush Goyal

Commerce and Industry Minsiter Releases HLAG Report

Union Minister of Commerce and Industry & Railways, Piyush Goyal, released the High Level Advisory Group (HLAG)HLAG report in New Delhi.

In his address at the event Commerce and Industry Minister said that the report shows the way forward for India to become an attractive investment destination by grasping all the opportunities available so that India is able to achieve the target of exports contributing one trillion USD to the GDP. Commerce and Industry Minister thanked the Advisory group for the bold report that has recommendations for industry both manufacturing and services and sectors like textiles, finances and tourism so that India is able to take its manufacturing potential to 25 percent of the GDP.

During an interaction with the audience after the release of the report Commerce and Industry Minister assured that India will always protect its strategic and economic interests while engaging in multilateral talks. He urged citizens to talk, argue and understand issues and not indulge in creating fear psychosis as the Government of India will never sign on any trade agreement without consultations. He further said that for the regional Economic Partnership Agreement talks that are underway the most extensive stakeholder consultations have been done by the Minister and the Ministry of Commerce and Industry.

India is also looking at new opportunities and new markets of exports with other geographies like the United States, European Union and United Kingdom informed the Commerce and Industry Minister. He further said that in a globalized world India cannot remain isolated as it will not be in the interests of the industry and the consumers.

The HLAG report has been prepared by the Advisory Group led by Dr. Surjit S. Bhalla to assess the global environment and make recommendations for boosting India’s share and importance in global merchandise and services trade, managing pressing bilateral trade relations, and mainstreaming new age policy making.

The other members of the Group were S.Jaishankar, former Foreign Secretary, Rajeev Kher, former Commerce Secretary and Member, Competition Appellate Tribunal, Sanjeev Sanyal, Principal Economic Advisor, Government of India, AdilZainulbhai, Chairman, Quality Council of India, Dr.HarshaVardhana Singh, former DDG, WTO, Dr.ShekharShah,DG, NCAER, Dr. Vijay Chauthaiwale, Foreign Policy Advisor, Dr.Pulok Ghosh, IIM Bangalore, Jayant Dasgupta, former Ambassador of India to the WTO, Rajiv K Luthra of Luthra&Luthra and Chandrajit Banerjee, DG, CII.

Protect strategic and economic interests in multilateral trade talks, with agreements to follow only after extensive consultations. The Commerce and Industry Minister stated the Government will protect strategic and economic interests in multilateral negotiations and will not sign trade agreements without extensive stakeholder consultations, noting broad consultations for RCEP; the HLAG report recommends measures to boost India's share in global merchandise and services trade, manage bilateral trade relations, and enhance investment attractiveness across manufacturing and services.