Twitter
Advertisement

India has clear picture of trade path, not aimless: Nirmala Sitharaman

The Commerce Minister's comments come few days after the chief economic adviser called India’s trade policy as ambivalent.

Latest News
article-main
Union Minister Nirmala Sitharaman talks about India's trade negotiations
FacebookTwitterWhatsappLinkedin

Commerce and Industry Minister, Nirmala Sitharaman said that India is not aimless on its trade path and has a clear picture of where it needs to go from here, an Economic Times report has said. 

She was speaking at a meet organised by the Research and Information System for Developing Countries (RIS), a Ministry of External Affairs (MEA) think-tank.

Speaking about the crucial 16-country Regional Comprehensive Economic Partnership again, she reiterated that India was not being an obstructionist in the pact, she said. "It will just not yield to offers made for opening up goods and services in the agreement and will keep pursuing them," she was quoted as saying. 

In RCEP, India's offer on Mode 3 services is liberal than other contemporaries as it has apprehensions only on opening up financial, insurance and legal services, the report says.

While talking about the change in the order of trade across the world, Sitharaman said that tariff is not a very powerful tool any longer and one must understand trade from a non-tariff route. She also spoke about how G-20 countries are getting more defensive about their exports and imports and how India has become defensive on steel import duty.

Talking about exports that have been in the negative territory for 16 months now, Sitharaman said that there is now a need to devalue the rupee. “At today's juncture, I want the rupee to be devalued.” She said that China has a certain level of flexibility of liquidity with which it can flush into the system.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement