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India believes in Multilateralism and Strengthening WTO says Commerce Minister Piyush Goyal

India strongly believes in Multilateralism and will work for the strengthening of the WTO with other stakeholders said Commerce Minister, Piyush Goyal, in New Delhi. He was part of a panel discussion at the Raisina Dialogue being held in the National Capital from January 14 to 16th.

India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed rules based trading system said the Minister. He further stated that India also believes in the strengthening of the WTO and is one of the first four countries to pay all its dues to the World Trade Body.

It is right time now to make trade policies that are people centric says Commerce Minister

Commerce Minister stated that it is the right time now to make trade policies that are people centric to be sustainable, to eliminate poverty and raise prosperity levels for all citizens.

He also informed the gathering of international diplomats that India has not imposed any curbs on imports from either Malaysia or Turkey or any other country and it believes in fair play and equal terms for all trading partners and if curbs are imposed, they apply to all countries.

On the issue of the import of goods in the ‘others’ category, the Commerce Minister clarified that one out of four items valued at 130 billion US Dollars are in the ‘others’ category. Right classification of these imports under HSN code will only lead to greater transparency and establish fair trading practices and make India a fair place to do business and trade and also provide equal opportunity to all.

India allows e-commerce companies to work on the marketplace model

Commerce Minister also clarified that India allows e-commerce companies to work on the marketplace model where buyers and sellers are free to buy and sell and follow the rules of the marketplace and laws of the country which clearly say that FDI in multi-brand retail will only be allowed up to 49 per cent. Surreptitious entry by e-commerce companies into multi-brand retail, that is being investigated by the authorities is welcome said the Minister.

Commerce Minister informed that India is in dialogue with European Union and the United States to sort out pressing trade issues and further expand engagement with them.

 

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