Need to have fairer, more equitable terms in trade relations: Piyush Goyal

Davos: Union Minister Piyush Goyal on Tuesday said India is working on ways to have fairer and more equitable terms in its trade relationships with various countries. Speaking here at the World Economic Forum Annual Meeting 2020, the commerce and industry minister also called for greater cooperation among various nations to realise the huge growth prospects in the Indian Ocean region and also for tackling the important issue of climate change.

Goyal said the RCEP in its present form was clearly an unworkable agreement. "Any pact needs to take into account several factors. India is grappling with a huge trade deficit, particularly with China and many other nations in the region," he said.

For the first time, India demonstrated that trade cannot be dictated by diplomacy, Goyal said, referring to India's decision to pull out of the RCEP. The Regional Comprehensive Economic Partnership (RCEP) has had to factor in several diversities among partners, but India has serious concerns about climate change and is seeking greater cooperation on fair terms, he asserted.

Goyal was speaking at a Strategic Outlook session on 'The Indian Ocean Rim'. "We are like a pivot for the Indian Ocean and we believe this region has huge potential. At the same time, India is very much concerned about the issue of climate change.

"Going forward, the entire grouping around the Indian Ocean will play a very important role, while keeping in mind fair and equitable distribution. India also expects greater cooperation among various nations on climate change," he said. Goyal further said, "We in India are also working on how to put in place more equitable terms in our trade relations with various countries."