Focused on doing trade deals to complement, not compete: Goyal

Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
India is in trade dialogues with countries with whom it doesn't compete but can complement the economies involved, Commerce and Industry Minister Piyush Goyal said here on Thursday.Addressing an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, the minister elaborated on the opportunities that trade deals open up - bilaterally and to the wider global economy."Our focus is on entering into robust trade agreements with the developed world," said Goyal, pointing to the UK-India FTA as well as deals concluded with Australia, the UAE and European Free Trade Association (EFTA). Goyal said that 15 years ago, before their party's government came into power, India was more focused on doing trade agreements with countries that "are our competitors"."It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India," he said.Referencing the ongoing trade negotiations with the US, New Zealand, the European Union (EU) and Gulf countries, the minister said: "We are in dialogue with countries with whom we don't compete, with whom we complement each other; where they have certain things to offer, which India would love to have, as with the UK agreement, and we have certain things on offer. We don't hurt their economies.""Therefore, these agreements will help us grow as an economy, help our innovation ecosystem get the right equipment, the right enabling environment. Our effort is to collaborate, co-create, co-operate and co-design. Let's work together as friends and allies of the democratic world," he added.During the wide-ranging discussion with Science Museum director and chief executive Sir Ian Blatchford, Goyal highlighted the big wins for the sector with the recently concluded FTA with the UK at a time when India is set to "massively invest" in the innovation ecosystem over the next 10-15 years."I think a Free Trade Agreement also adds value to science and technology, and innovation. A trade agreement is not only about opening the doors wider for bilateral trade in goods or in services or even promoting investments. A Free Trade Agreement demonstrates to the world that the two countries are friends, are allies, plan to work together closely; they trust each other," he said.On Artificial Intelligence (AI), Goyal expressed optimism that it would open up many more avenues rather than an area of concern that could lead to job losses."We are not only looking at it (AI) as a need to retrain our people, to re-skill our talent, but adopt it for regulation to provide for ethical use of AI and safeguard against misuse," he said.The session also marked the launch of a memorandum of understanding (MoU) between the Quantum Ecosystems and Technology Council of India (QETCI) and IGF for UK-India Quantum Value Chain Mapping."This is a really rich relationship between our two countries, which is already thriving and which has great potential, well beyond free trade agreements," said Blatchford.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Hindu

25 minutes ago

• The Hindu

Lighting the spark in U.K.-India cultural relations

May was a month of magical bonanza for United Kingdom-India relations. The long-anticipated Free Trade Agreement was ratified by both Prime Ministers, and it was another milestone that illuminated a different but equally significant dimension of their partnership: culture. On May 2, U.K. Secretary of State for Culture, Rt Hon Lisa Nandy, and India's Minister for Culture, Gajendra Singh Shekhawat, signed the Programme of Cultural Cooperation (POCC). This landmark agreement promises to light up the cultural corridor between the two nations, reaffirming their shared creative spirit. The POCC outlines five programme areas: digital technologies for culture, exhibitions and collections, performances and events, cultural property, and sustainability. These themes directly support the creative economy, a core sector driving the U.K. government's industrial strategy. This agreement signals a shared commitment to cross-cultural collaboration and economic growth. Before arriving in Delhi to sign the POCC, Ms. Nandy, the first Labour Cabinet Minister of Indian heritage, was the highest-ranking international delegate at the World Audio Visual & Entertainment Summit (WAVES) Summit, held in Mumbai. In her keynote, she powerfully highlighted the collaborative potential of the India-U.K. cultural and creative industries, sustainable by nature and an employment multiplier. The growth of the creative arts sector Globally, the creative arts sector is rapidly growing, projected to reach 10% of global GDP by 2030. At the G-20 New Delhi Leaders' Summit in 2023, global leaders unanimously called for greater investment in the sector. India hosting WAVES for the first time underscored its commitment, resulting in significant business deals and international agreements. The POCC between India and the U.K. builds on this momentum. It brings together the Indian Ministry of Culture, the U.K. government's Department for Digital, Culture, Media & Sport and the British Council in India, alongside major U.K. cultural institutions — including Arts Council England, the British Library, the British Museum, the Natural History Museum, and the Science Museum Group. With over 1,700 accredited museums in the U.K., the scope for partnerships with their Indian counterparts is tremendous, especially around leveraging digital technology for sharing cultural experiences and heritage. At its core, the POCC signals hope: the creative economy can foster a more inclusive future, encompassing tech-driven sectors such as gaming, digital content, film, OTT, television and more — creating opportunities for skilled workers and innovators. That is great news for India. With its deep cultural heritage, cutting-edge technology, skilled artisan base, and the world's largest youth population, India is uniquely positioned to lead. India's creative economy, valued at $35 billion, employs nearly 8% of its workforce, second only to agriculture. According to the Asian Development Bank's report (2022), 'Creative India: Tapping the Full Potential', six of India's top 10 creative hubs — from Badgam in Jammu and Kashmir to Tiruppur in Tamil Nadu — are in non-metro regions. This shows India's diverse cultural heritage. India, with over 300 universities and 3,000 colleges offering courses in design, arts, and architecture, is nurturing a global creative workforce. A role for the U.K. In 2023, during India's G-20 presidency, the U.K. played a pivotal role in supporting the cultural agenda. Artistic partnerships, creative project grants, and year-long cultural exchanges, such as Wales in India, which culminated at the 2024 Hornbill Festival in Nagaland, furthered that agenda bilaterally, redefining India-U.K. cultural ties and building lasting bonds. Why do these global partnerships matter so much? First, the creative economy is evolving rapidly. It faces challenges including skilled labour shortage. To meet this, we need sustained investment in education, vocational training and apprenticeships. International collaborations can help empower creative professionals with global competencies and best practices. Second, emerging technologies such as Artificial Intelligence and augmented reality and virtual reality (AR/VR) are transforming the sector. As the British Council's recent report, Arts and Technologies in India: Reimagining the Future argues, it is time to integrate it into India's creative education framework. Cultural exchange and cross-border partnerships can support professionals in navigating this digital shift. India's creative canvas is expanding, driven by cultural wealth, youth potential, and a bold vision. Prime Minister Narendra Modi envisions India as a global creative hub — and with a three-pronged approach focused on education, skills, and international collaboration, we are well on our way. But it will require sustained cooperation between government, industry and academia to make that vision a reality. Businesses and projects Indian companies, too, are doing their bit. Take Royal Enfield, the iconic U.K.-India motorcycle brand, which is working in the Himalayas through its Social Mission. In partnership with UNESCO, it is helping to safeguard intangible cultural heritage and working with over 580 artisans through its textile conservation project, The Himalayan Knot. This initiative not only preserves sustainable textile traditions but also creates new market linkages for craft communities. Ms. Nandy heard this story first hand at the reception hosted in her honour by British High Commissioner Lindy Cameron and this writer in Delhi, where the Serendipity Arts Festival's Birmingham chapter was also launched — a moving reminder of how businesses can be storytellers too. What truly binds the U.K. and India together are their people and their stories. In a world grappling with conflict and uncertainty, culture and creativity remain among the most time-tested healers of relations between people and nations. And in that, we have every reason to celebrate — and invest in — the creative spark that unites us. Alison Barrett, MBE, is the Country Director India at the British Council

Time of India

an hour ago

• Time of India

Rung traders seek revival of India-China trade at Lipulekh border

Pithoragarh: Traders from the Rung community, who have historically engaged in India-China border trade through Lipulekh Pass, are demanding its resumption and have expressed deep disappointment over its continued suspension this year. Border trade has remained shut since 2019. "Trade between India and Tibet through Lipulekh has been ongoing since ancient times. Though it was halted after the 1962 India-China war, it resumed in 1992," said Daulat Singh Raypa, general secretary of India-China Border Trade Association. The Kailash Mansarovar yatra , which also passes through Lipulekh, began in 1981. Both the pilgrimage and trade continued uninterrupted until 2019, when operations were suspended due to the Covid-19 pandemic. While the yatra has been permitted to resume this year, border trade remains suspended. "We were hopeful trade would also restart once the yatra resumed, especially since Lipulekh is now connected by road," said Raypa. The construction of the Tawaghat–Lipulekh road was completed by the Border Roads Organisation (BRO) in 2022. "We were very enthusiastic because road connectivity reduces both time and costs and makes trade more viable," he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ductless Air Conditioners Are Selling Like Crazy [See Why] Keep Cool Click Here Undo Since the Chinese govt granted permission to Nepali Rung traders to resume border trade in 2024, "the Indian Rung community must also be allowed without delay," said Jeevan Singh, president of the traders' union. "We met central ministers and urged them to restart the border trade," he added. In 2019, 40 traders left unsold goods in godowns and shops, with an estimated Rs 2 crore worth of items stuck in the Chinese mandi at Taklakot, said Singh.

News18

an hour ago

• News18

'Don't Make Excuses...': Omar Abdullah Takes Swipe At Ally Congress Over EVM Charge

Last Updated: He also took a swipe at the INDIA bloc, pointing out that the alliance's leaders have not held a single meeting since the conclusion of the 2024 Lok Sabha elections. Jammu and Kashmir Chief Minister Omar Abdullah on Friday took a sharp swipe at the INDIA bloc ally Congress over its allegations against the Election Commission, saying that excuses shouldn't be made when someone doesn't succeed in elections. After the 2024 Maharashtra Assembly elections, the Congress party repeatedly criticised the Electronic Voting Machines (EVMs), alleging irregularities and a lack of transparency in the electoral process. 'So what you hear from the Congress in terms of its reservations about the process of elections, this is all the Congress's own point of view. I don't share it. I don't share it simply because I'm not given to making excuses for things that I don't succeed at," said Abdullah during an interview with The Economic Times. 'If I have a problem with election results, then I need to have it when I've won as well. My party did better than we expected in the October assembly elections. Nobody expected us to get this number of seats," the Chief Minister remarked. Omar Abdullah delivers a reality check to Congress for attacking the Election Commission:'Don't make excuses for things you don't succeed at."'I got more seats than anyone expected. If I don't have a problem with how elections are conducted when I win, I can't have a problem… — Amit Malviya (@amitmalviya) June 20, 2025 Recently, the Congress leaders questioned the credibility of the EVM system and demanded a return to ballot papers or the implementation of stricter safeguards. The party also called for an all-party discussion on electoral reforms to restore voter confidence. 'So if I don't have a problem with the way elections are conducted when I win, I certainly can't have a problem with the way elections are conducted because I've lost," Abdullah said. He also took a swipe at the INDIA bloc, pointing out that the alliance's leaders have not held a single meeting since the conclusion of the 2024 Lok Sabha elections. First Published: June 20, 2025, 23:38 IST