Developed economy freely using non-tariff barriers: Goyal

Power Minister Piyush Goyal on Thursday said developed economies are freely using non-tariff barriers and looking at problems of emerging economies with unequal solutions.

New Delhi: Power Minister Piyush Goyal on Thursday said developed economies are freely using non-tariff barriers and looking at problems of emerging economies with unequal solutions.

"When it comes to trade protectionism, non-tariff barriers are freely used by almost every developed economy but it won't come under umbrella of any WTO or any constraints," Goyal said while speaking at the fourth Annual Summit of the Growth Net.

He said that India has hardly any restriction when it comes to foreign investments and it is an open economy barring 4-5 sensitive sectors.

"There may be 4-5 sectors if at all where there certain restrictions you will find in most developed of economies. Equally harsh, if not worse. Trade protectionism in then Western world is probably far more than what is done in India," he said.

The minister said that with kind of unequal pratice being followed by developed economies, countries like India would be forced to look at learning that they can get from the West "which may not be necessarily be good for world economy" but may become compulsion for countries.

"I failed to understand from where this great thinking comes from. Where what I do is right but if you do the same thing that's not right. I can protect my boundaries to protect people ... But I want to support to your economy, you should allow me free access, free capital flow," Goyal said.

He said that developed economies are providing unequal solutions to sensitive problems of emerging economies and that needs to be corrected to address problem of terrorism and climate change.

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