Piyush Goyal Talks About Trade Practices and Equal Treatment of Traders

Commerce Minister Piyush Goyal said on Thursday that India believes in fair trade practices and equal treatment for all and that the country does not envisage any restrictions on imports from either Malaysia or Turkey. Mr Goyal spoke at the Raisina Dialogue, an international multilateral conference held in New Delhi.

In response to a question during a panel discussion at the forum, he said that India has not put any curbs on imports from either Malaysia or Turkey-which have been critical of the Jammu and Kashmir decisions of the Modi government-nor does it intend to do so. He further claimed that they apply equally to all countries if curbs are implemented.

On another query that the government plans not to allow imports without the Harmonized Nomenclature System (HSN) codes, Mr Goyal explaines that one out of four products estimates at $130 billion is in the category of’ other.’ He states the correct classification of these imports under HSN code would only result in greater transparency and create fair trade practices.

Piyush Goyal Talks About HSN Codes

The minister at an event on Wednesday had said India won’t allow imports without HSN codes. The HSN codes are an international system for the systematic classification of products in trade parlance. HS codes must list by traders in the Bill of Entry (BoE) when importing goods into the country. India now has8-digit HSN Codes for products.

Development takes on importance as imports have gone up in the’ other’ category. Products falling under this category do not have an HSN code. In terms of global trading systems, the minister said. India has long been at the receiving end of unfair trade practices. Thus believes in the development of a much more modern, rules-based trading system.

He said India believes in improving the WTO. He is one of the first four countries to pay all of its dues to the World Trade Organization. In addition, Mr Goyal states it is now time to make trade policies that are people-center. It eradicate poverty and increase rates of prosperity for all citizens. In addition, he states that India is in dialog with the EU. The US to address pressing trade issues and broaden its interaction with them further.




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