'Can't have one-size-fits-all trade policy'

India follows a calibrated approach in trade policy, which is in line with the country's development journey, even though there is scope for further internationalisation, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal said while speaking on the second and concluding day of Business Standard Manthan in New Delhi.

"I do believe that as a (developing) country, which has a long way to go before we are able to ever have a completely free and open economy with (full) capital account convertibility, with almost nil or very low import duties, we have to look at our trajectory and calibrate the trade policy. You can't have a one-size-fits-all (approach)," Goyal said, adding that there was also a need to internationalise the economy, have a greater degree of engagement with the world, and further Indian exports. The minister dismissed the argument of some economists that India was a protectionist and high-tariff nation, holding that even developed countries such as the United States (US) had used protectionist measures.

This financial year the minister expects India's exports to be "flat or a little bit on the positive side", despite the Israel-Hamas war and the Red Sea-related disruption. On a cumulative basis, during April-February 2023-24, merchandise exports stood at $395 billion, which is 3.5 per cent lower than what was achieved during the same period last year. "Goods and services growth together will continue to be positive despite two wars and the Red Sea crisis. We will be doing $2 trillion of exports by 2030," he said.

FTAS & RCEP

Speaking about free-trade agreements (FTAs), he said India was in dialogue with the European Union (EU), the United Kingdom (UK), Peru, Chile, and some countries in the Gulf Cooperation Council (GCC).