India will always work in the WTO frame, but improvement is needed: Union Minister Piyush Goyal

New -delhi, April 12 (IANS). Trade union and industry Minister Piyush Goyal said that India will always work in the World Trade Organization (WTO), but the improvement in the WTO is needed. Union Minister Goyal explained the need to re-evaluate the definition of developing countries and to ask for clarity on e-trading rules, agricultural decisions and negotiations on fisheries. He said on the 9th Global Technology Summit: “India will always work within the WTO frame. Our bilateral agreements, including the US and the European Union, are working under its purpose.” Union Minister Goyal has highlighted further opportunities for India to give a new look to global trade, especially with trusted partners such as the United States. India describes as the fastest growing major economy in the world, Union Minister Goyal said: “India is full of opportunities. In the next two to two and a half decades, India will increase eight times based on the pursuit of 1.4 billion Indians. It will increase domestic demand and get the benefits of scale to be identified worldwide. The Union Minister said at least eight high-level delegations have come to India in the past two years, which is a sign of the world’s growing interest in having strong business relations with the country. He emphasized that India’s current tariff conservation measures are mainly focused on non-market economies. He said: “India is in a good position to make bilateral partnership with countries that appreciate mutuality, trust and fairness.” Goyal rejected the concerns about external pressure on India’s trade decisions and said: “There is no pressure. India has such opportunities in itself very exciting. Our export is a relatively small part of our GDP today, but our strong domestic market and ambitious youth are ready to take the Indian industry worldwide.” As far as China is concerned, the Union Minister said: “India will always keep his interests first. So far, very few FDI has come from China and historically Chinese investment has been minimal. Our efforts focus on integration with developed economies whose business practice is really better.” -Ians skt/kr