Lot of elbow room for business with developed countries bilaterally: Piyush Goyal

Union Commerce and Industries Minister Piyush Goyal on Monday said India had a lot of elbow room to do business with developed countries on a bilateral front.

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“We believe that bilaterally, we can work together with countries which have fair trade practices and then we do not need this kind of protection. Indian industry is very competent. They can beat any competition in the world If everybody sticks to the rules of the game,” Goyal said as markets globally crashed on the disruption in the aftermath of US President Donald Trump’s reciprocal tariff announcements starting April 2.

Goyal said it is only in the case of countries resorting to irregularities and unfair trade practices where India needs to protect its domestic sector by way of tariffs.

“I have absolutely no hesitation in saying that bilaterally we have a lot of elbow room in working with developed countries and countries, where we find equal opportunity to do business,” he said, as India works on free trade agreements with a range of countries, including the UK, EU, New Zealand.

Official sources said after Trump’s announcements there has been an enhanced interest in understanding the Indian strategy to deal with the disruptions as also an enhanced interest in exploring trade options with India.