Sitharaman declared that the World Trade Organisation (WTO) needs to be more progressive and should provide a platform for countries with something different to express. She also said that India wants globalisation to be more lucid.
At the Peterson Institute for International Economics, the Finance Minister said that India is currently in negotiations with Britain, the European Union and Canada for FTAs. She also said that these negotiations are currently in motion.
In Relation to Globalisation
“It’s not to say that we need to reverse the advantages of globalisation. We want it to be more lucid,” she said in response to a query. She also mentioned that India has enough domestic purchasing power, which can be taken advantage of in order to produce goods domestically, instead of buying them from abroad, which are cheaper.
Regarding Cryptocurrency
“Given the number of collapses and shocks in cryptocurrencies, we are looking to develop a common framework for all countries to deal with this matter,” she said in a roundtable meeting with entrepreneurs and investors which was hosted by CII, US India Business Council and US Chamber.
Sitharaman encouraged the participants to become part of India’s transformational journey which is leading to greater prosperity, better living standards for its citizens and higher returns for investors.
Sitharaman said India wants the WTO to be more progressive and to give more space to countries that have something different to say.
“I would want the WTO to be more progressive, and to listen to all countries. It needs to give more space to countries which have something distinctive to say, and not just hear, but take action. We need to have greater openness in the WTO,” she said. She also quoted US Commerce Secretary Katherine Tai, who had recently spoken on the topic of traditional trading approach and market liberalization.
“What does liberalization mean? How much tariff reduction? These are questions that countries are now asking. It has had cost repercussions for the US economy, and that’s what the US Commerce Secretary has said. Countries like India have faced similar issues since a long time now,” she said.
(With agency inputs)