Piyush Goyal: India forging critical mineral ties with US, others

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Union Minister Piyush Goyal announced India is in talks with the US and other nations for critical minerals partnerships. He also highlighted the economy’s robust 7.8% GDP growth and the success of recent trade agreements expanding market access.

India is in talks with multiple countries, including the US, to forge collaborations and partnerships for processing and developing critical minerals to meet domestic requirements, said Union Commerce and Industry Minister Piyush Goyal. Speaking to ANI on the sidelines of the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA), Goyal said India is a member of the Critical Minerals Partnership and is actively participating in the Pax Silica grouping, while also engaging with partners in the UK and Europe to build more resilient critical mineral supply chains. “We are talking to some countries with whom we will be having collaborations and partnerships to promote critical minerals being processed and developed for our requirements, with the US also,” he said, adding “We are a member of the Critical Minerals Partnership, we are active in the Pax Silica grouping that they have created, with several of our partners in UK and Europe we are in dialogue about how we can build more resilient supply chains. India is on the move and that is the only reality.”

India’s Economic Growth and Resilience

Addressing the session, Goyal said India has remained on course despite global turmoil and continues to be the fastest-growing among the world’s major economies, with the latest 7.8 per cent GDP growth reflecting the strength of the economy. “We have continued to be the fastest-growing among the large economies of the world. The naysayers can say what they want, but 7.8 per cent growth is a reality.”

Expanding Market Access Through Trade Agreements

Apart from this, Goyal also highlighted in his speech that India has secured access to markets representing a combined GDP of around USD 60 trillion through nine trade agreements finalised over the past four to five years, significantly expanding opportunities for Indian exporters. “…Nearly USD 50 billion of international trade, evenly divided between imports and exports… We have added 38 developed countries, collectively aggregating a GDP of USD 60 trillion.”According to Goyal, these agreements with 38 developed countries provide greater market access by facilitating zero-duty trade, allowing Indian businesses to compete with the best global players. “In the nine trade agreements that I finalised in the last four to five years under Prime Minister Modi’s leadership, he has been constantly guiding me. All the FTAs prior to 2014 collectively accounted for USD 10 trillion in GDP at today’s value. The nine that have been done under Mr. Modi’s government, and only in the last four and a half years, give us market access to a combined USD 60 trillion GDP, in both directions… Get us zero-duty access in that country and open up our sector to zero duty from that country. We can take on the best in the world…”(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)

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