No Local Contracts to Foreign Nations Unless Indian Firms are Given a Similar Opportunity Abroad

New Delhi, Dec 11 (KNN) Commerce and Industry Minister Piyush Goyal today said in the Parliament that the future trade and investment talks would be based on reciprocity, only after India was assured of business growth and the security of its farmers and small businesses.

Speaking at an Exim Bank event on Tuesday, he said the government will stop other countries from participating in local contracts unless Indian firms are given a similar opportunity.

“Unless we get reciprocal access to those markets, the government has decided that we will stop giving them an opportunity to participate in contracts in India. That is a part of the policy of the Narendra Modi government,” Goyal recently said at an event organised by Exim Bank.

“Today, it is in our policy that if our companies are not allowed to do business or opportunities emerging in any country, I can assure you that we will not allow them to participate here.”

Goyal said this had been a “major stumbling block” in the RCEP negotiations.

“I had not heard that China ever opens up any of their government contracts… They are never opened up for international competition in the garb of being public procurement,” Goyal said.

India opted out of the RCEP last month after negotiating the pact with 15 other Asia-Pacific countries for seven years. China is part of the grouping.

Source: KNN

Image Courtesy: Swarajya