Union Commerce Minister Piyush Goyal said that the issue of curbing unfair trade practices was discussed at the consultative meeting of G20 trade ministers.
Piyush Goyal, who participated on Friday in the G20 trade ministers’ consultative meeting held in Milwaukee, Wisconsin, USA, met people of Indian origin in Chicago.
Responding to a question raised by people of Indian origin, Piyush Goyal said: No country, whether India, the United States, or Europe, should be harmed by the practice of producing more than required with government support and selling it at low prices.
We discussed at the G20 Trade Ministers’ consultative meeting how to curb such unfair trade practices and what changes should be made in the future to the rules of the World Trade Organization. However, due to differences of opinion among member countries, a joint statement could not be issued.
India is the country for data centers: with low-cost quality infrastructure, affordable energy, skilled youth, and tax concessions until the year 2047, India stands out as an ideal country for setting up data centers.
Of the 520 gigawatts of power generation capacity currently installed in India, 60 percent comes from clean energy. Data centers will place major emphasis on operating primarily on clean energy. If 100 percent clean energy is required around the clock, it may also be possible to supply it at a price of 11 or 12 percent.
In India, only one-fifth of the infrastructure cost required to set up a data center in the United States or Europe would be spent. Every year, 1.4 million skilled young people who have completed science, technology, engineering, and mathematics (STEM) degree programs are ready for industrial employment. I invite you to invest in India, which has such strengths.
The aim is to simplify business procedures: simplifying business procedures is a key objective of the government led by Prime Minister Narendra Modi. As part of that, the Prime Minister has said that corruption and bribery, which had permeated various levels of government, have been successfully eliminated. In the first quarter of next year, a group of Indian experts from various sectors will visit the United States to explain the business opportunities available in India.
India’s free trade agreements (FTAs) with various countries over the past few years have led to market access worth $7 trillion. Negotiations are also under way to finalize FTAs with 6 to 8 countries. If the talks succeed, India will gain additional market access worth $1.5 trillion.
He said India will soon emerge as a trade bridge connecting 75 percent to 80 percent of the global economy.
Earlier, Piyush Goyal, who participated in the G20 Trade Ministers’ Consultative Meeting, said, “India’s manufacturing capacity is geared toward domestic and foreign demand. There is no structurally excess manufacturing capacity in the sectors identified by the United States.”