India treats all trade partners equally, says Goyal (Lead)
Thursday - January 16, 2020 11:22 pm , Category : BUSINESS
New Delhi, Jan 16 (IANS) Commerce Minister Piyush Goyal on Thursday said that India believes in fair trade practices and equal treatment to all and that the country is not contemplating any curbs on imports from either Malaysia or Turkey.Goyal was speaking at the Raisina Dialogue, a multilateral conference held here annually. Replying to a question during a panel discussion at the event, he said that India has not put any curbs on imports from either Malaysia or Turkey - which have been critical of the Modi government's decisions on Jammu and Kashmir - nor does it plans to do so.He further said that if curbs are imposed, they apply equally to all countries.On another questions, regarding the government's plans to not allow imports without Harmonized System of Nomenclature (HSN) codes, Goyal clarified that one out of four items valued at $130 billion are in the 'others' category. He said that right classification of these imports under HSN code will only lead to greater transparency and establish fair trading practices.On Wednesday, the minister at an event had said that India will not allow imports without HSN codes.In trade parlance, the HSN codes is an international system for the systematic classification of goods.At present, traders need to mention HS Codes in the Bill of Entry (BoE) while importing goods into the country.India, currently, maintains eight-digit HSN Codes for goods.The development assumes significance as imports had surge in the category of "Others", and goods falling under this category do not have an HSN code. In terms of global trade systems, the minister said that India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed, rules-based trading system.He stated that India believes in the strengthening of the WTO and is one of the first four countries to pay all its dues to the world trade body.Furthermore, Goyal said that it is the right time now to make trade policies that are people-centric, eliminate poverty and raise prosperity levels for all citizens.Additionally, he informed that India is in dialogue with EU and the US to sort out pressing trade issues and further expand engagement with them.