Commerce and Industry Minister Piyush Goyal on Thursday said countries across the world are protecting their domestic industries, including sectors like steel, but India continues to address global trade challenges through dialogue, cooperation and trade partnerships.Speaking at the India Global Innovation Connect, he said such measures are part of global business realities and not unique to India.“When the EU, US and UK are trying to protect their domestic steel industry from competition, or even India for that matter, protecting our economy from unfair trade practices of certain geographies, where we find dumping of goods into India at overcapacity, predatory pricing. These are the realities of life you have to face. Usually in these situations you try to find ways to reduce it, you ignore some, you take action against some countries,” he said, according to news agency PTI.He said responses to such situations often involve a mix of bilateral action and targeted measures. hHowever, he underlined that global trade continues to function within the rules-based system, even as the effectiveness of multilateral institutions has weakened.
WTO framework still in place despite challenges
Goyal said the World Trade Organization (WTO) is currently “not very effective right now”, but added that international trade largely continues under its framework.He said, “Fortunately, the WTO as a forum is not very effective right now. So action has to be almost bilateral… But overall, the entire world trade is still in place, still working under the WTO framework.”He said that while countries may adopt different standards and security measures for domestic reasons, India continues to engage globally through cooperation and negotiated agreements.
India’s trade stance and negotiations
Goyal said India is tackling trade challenges strongly and is working on several free trade agreements to increase market access.He said India has signed nine FTAs in the last three to three-and-a-half years, covering 38 countries, many of which are developed economies with high per capita incomes.He also mentioned the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), under which member countries have committed to invest US$ 100 billion in India over 15 years.According to him, such arrangements are part of a broader strategy to deepen economic engagement, attract investment and strengthen supply chain integration.
Focus on innovation, investment and long-term growth
On domestic policy priorities, the minister said India is working to strengthen innovation capacity and improve the overall investment climate.He said the government is working with companies and partner countries to identify sectors where innovation-led investment can be encouraged, while also reviewing intellectual property rights (IPR) laws to make them more contemporary.Goyal also highlighted infrastructure expansion and regulatory reforms as key drivers of investment inflows, including work on airports, ports, highways and power systems.India’s economic growth ambitions are linked to deeper global integration, he said, adding that long-term expansion will depend on high standards, technological progress and strong participation in global trade networks.