Latest news with #PiyushGoyal
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First Post
3 hours ago
- Business
- First Post
Asean is China's B-team, India has no interest in having a trade deal with them: Piyush Goyal
At a time when India is engaged in multiple trade negotiations, Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has called the trade deal with the bloc 'silly'. read more Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has dubbed trade deals with them as 'silly'. Goyal's remarks have come at a time when India is holding trade negotiations with various countries and blocs, such as the United States, European Union (EU), Australia, and New Zealand. In recent time, India has signed trade deals with the United Kingdom and United Arab Emirates (UAE). Speaking at the India Global Forum in the UK, Goyal said in an apparent swipe at the previous Congress-led government that India was 'more focused on doing trade agreements with countries who were our competitors' instead of building complementary partnerships, according to NDTV Profit. STORY CONTINUES BELOW THIS AD Goyal called such an approach 'silly'. He included the India-Asean trade agreement among such deals and said members of the Association of Southeast Asian Nations bloc were 'B-team of China'. 'If I do an ASEAN agreement with Indonesia, Malaysia, Thailand, Vietnam, Cambodia, Laos, it really is silly, because I'm opening up my market to my competitors,' said Goyal. In an apparent reference to the issue of China manipulating country of origin norms by routing its goods via Asean countries, Goyal said that the bloc had become the 'B-Team of China'. Goyal further said, 'Instead of that, we're focusing on Australia and New Zealand, which will take another three to four months.' India and Asean signed the ASEAN–India Free Trade Area (AIFTA) in 2010. While the agreement led to the increase in trade by volume, the balance of trade remains heavily in favour of Asean countries. Coupled with the issue of China gaming the trade pact, the AIFTA has often drawn criticism about not being as beneficial to India as envisioned. Besides the United States, EU, Australia, and New Zealand, India is currently also negotiating trade deals with the trading bloc European Free Trade Association (EFTA), which comprises Iceland, Norway, Liechtenstein, Switzerland. India is also holding trade talks with Chile and Peru.
India Gazette
6 hours ago
- Business
- India Gazette
Piyush Goyal's statement on India ASEAN Trade is unwarranted, says former Union Minister Anand Sharma
ANI 20 Jun 2025, 15:09 GMT+10 New Delhi [India], June 20 (ANI): Former Union Commerce & Industry Minister of India, Anand Sharma, on Friday said in a statement that the statement by Commerce Minister Piyush Goyal on 'belittling India ASEAN Trade Agreements is unwarranted, ill-advised and unfortunate.' Anand Sharma believes that both India and ASEAN has been together for three decades engaged in a multifaceted relationship which is mutually rewarding and the Association of Southeast Asian Nations, is a regional bloc of ten Southeast Asian countries. Formed in 1967, its primary goals are to foster economic growth, social progress, and cultural development, while also promoting regional peace and further believes that this relationship is important for 'Look East policy to deepen and diversify India's relations with a region that is economically vibrant and of enormous geo-strategic importance for engagement with the Asia-Pacific region.''Piyush Goyal's statement terming the Trade agreement with ASEAN as silly and labelling these counties as B team of China is irresponsible and insulting. He has forgotten, that President of Indonesia Prabowo Subianto was the chief guest for 2025 Republic Day Parade,' Anand Sharma said. The former Union Minster in his statement also emphasized that, 'trade in goods with ASEAN counties also includes essential imports: Iron ore and Coal from Indonesia, Palm oil from Malaysia and Indonesia, Oil - Petroleum products from Brunei Dares Salam and Malaysia and pulses from Mayanmar.''It needs mention that ASEAN is India's 4th largest trading partner accounting for over 11% of India's total global trade with bilateral trade at 120billion USD and accounts for over 11% of India's Exports. FDI inflows from ASEAN to India account for over 18% of total FDI inflows since 2000,' he further about the Commerce Minister, he also said that, 'Commerce Minister should be prioritising strengthening trade relations with partner countries and not insulting them while bending backwards to negotiate a suboptimal trade agreement with USA on its terms.' (ANI)
Hindustan Times
7 hours ago
- Business
- Hindustan Times
India-UK FTA clears path for Indian talent in UK: Piyush Goyal
NEW DELHI: The recently concluded free trade agreement (FTA) between India and the United Kingdom would facilitate smooth mobility of skilled professionals across sectors, Union commerce minister Piyush Goyal said at the India Global Forum (IGF) 2025 in London. The minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership while delivering the keynote address at the India Global Forum's (IGF) plenary session — From Agreement to Action: The UK-India FTA, a commerce ministry statement said on Thursday. There he was joined in conversation by UK secretary of state for business and trade Jonathan Reynolds with moderation by journalist Mark Barton, the statement added. India and the UK successfully concluded FTA negotiations on May 6 where business mobility was one of the key demands of New Delhi. The deal is currently undergoing legal scrubbing before being formally passed by the respective authorities of the two countries. Summarising key benefits of the deal on the following day, global consultancy firm EY said that it would ease mobility for professionals, including contractual service suppliers, business visitors, investors, intra-corporate transferees, and independent professionals like yoga instructors, musicians, and chefs, offering greater global mobility for aspirational young Indians. Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade, but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests, the statement said. The minister is on a high-level visit to the UK from June 18 to 19. Outlining the next phase of implementation, he highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for small and medium enterprises (SMEs) and startups, and facilitating smooth mobility of skilled professionals across sectors, it added. The minister also participated in a special session on 'UK–India Science, Technology and Innovation Collaboration' at the Science Museum in London on Thursday. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, production-linked incentive schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries, it said. 'Trade deals with competitors silly' Goyal said that 15 years ago, before his party's government came to 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'.
NDTV
8 hours ago
- Business
- NDTV
"Human Mind Will Always Be Superior To Any Kind Of AI": Piyush Goyal
London: Union Minister Piyush Goyal said that most Indians are convinced that the human mind will always be supreme and superior to any kind of artificial intelligence (AI) and assuaged concerns of job losses due to the emerging technology. He made these remarks during his interaction at the 'Future Frontier Forum' held in London on Thursday. "Artificial intelligence is an area that India is absolutely going to adopt. It's going to bring it to our working. We do not see this as an area of concern that will lead to job losses," the minister said at the event. He added, "Given our talent in the country, I think we should open up many, many more avenues to help the world in terms of data, in terms of decoding new possibilities with AI. So we are only looking at it as a need to retrain our people, to re-skill our talent, but adopt it." "So at the end of the day, most Indians are convinced the human mind will always be supreme. To get the best of AI, the human mind has created it and will be able to tame it and ultimately will be superior to any kind of AI. That I am absolutely sure," he said. Piyush Goyal is on a two-day official visit to the United Kingdom from Wednesday. The visit is aimed at holding key meetings related to the India-UK Free Trade Agreement (FTA). This high-level visit highlights India's growing efforts to strengthen its trade and investment partnership with the UK. It comes shortly after the India-UK FTA was announced by the Prime Ministers of both countries last month. On Thursday, the minister also held a productive meeting with Rachel Reeves, Chancellor of the Exchequer, UK. In a social media post, the minister said, "Discussed avenues for collaboration in financial frameworks, sustainable finance, and unlocking new trade opportunities to further strengthen the India-UK economic partnership." He also had an engaging discussion with Oliver Prill, CEO of Tide, a business financial platform based in the UK. "With India's massive strides in the digital world, we discussed the fintech ecosystem, digital empowerment, and fostering SME-led growth across both economies," Mr Goyal shared.
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Business Standard
8 hours ago
- Business
- Business Standard
Govt plans ₹5,000 cr boost for rare earths amid China export curbs
India is finalising a ₹3,500-5,000 crore scheme to ramp up local production of rare earth minerals and the magnets made from them, The Economic Times reported today. A senior government official was quoted as saying that the plan could get official approval within two weeks. Since April, China has limited its exports of rare earth materials. This move has caused difficulties for automakers and tech manufacturers around the world. Industries in the US, Europe, and India are facing shortages of essential magnets. Domestic firms express interest At least five major Indian companies have shown preliminary interest in producing rare earth materials, according to the government official quoted by The Economic Times. The government will offer benefits through a reverse auction process under this upcoming scheme, it is said. The proposal for these incentives came after a ministerial review suggested India needed to diversify its sourcing channels. The automobile industry in particular raised concerns about the impacts of Chinese restrictions and requested government support. Although India possesses 6.9 million metric tons of rare earth reserves, the fifth-largest globally, it lacks any domestic magnet manufacturing capacity. India relies on imported magnets, mainly from China. In the financial year 2024-25(FY25), India imported 53,748 metric tons of rare earth magnets, government data showed. China's control over global magnet supply China makes around 90 per cent of the world's permanent rare earth magnets. It has used this strong position in the ongoing trade conflict with the United States. Export controls introduced on April 4 affect not only seven specific rare earth elements but also magnets that include even small amounts of these materials. China's rare earth exports drop sharply China's exports of rare earth products dropped to a five-year low in May. Exports fell by 61 per cent compared to the same time last year — down to 2,117 tonnes, according to Bloomberg. This is the lowest since February 2020. These products, different from raw minerals and metals, are mainly in the form of magnets. Govt planning regulatory tweaks To support its critical minerals programme, the Indian government plans to amend the Mines and Minerals (Development and Regulation) Act. Alongside regulatory changes, the government expects small-scale commercial production of rare earth permanent magnets to begin later this year within India. India to stop rare earth exports to Japan India has asked state-run company Indian Rare Earths Ltd (IREL) to end a 13-year-old rare earth export deal with Japan. The government wants to ensure that local needs are prioritised. IREL also aims to improve India's capacity to process rare earth materials. Commerce Minister Piyush Goyal told IREL to halt the export of rare earths, especially neodymium, which is widely used in magnets for electric vehicle motors.
