Piyush Goyal tells the G20 Trade Ministers' Meeting that India has no structural excess capacity
2 October 2026
Union Commerce and Industry Minister Piyush Goyal spoke on the concluding day of the G20 Trade Ministers' Meeting at Milwaukee in the United States.
He said India is the fastest-growing large economy in the world, serves the needs of 1.4 billion people, and does not have structural excess capacity in the sectors identified by the G20.
He said trade concerns should be addressed through WTO-consistent measures and on the basis of evidence.
He described Most-Favoured-Nation treatment as a key guarantee of a fair trading system and asked that special and differential treatment for developing countries be preserved.
On forced labour he said India's commitment is absolute and unconditional, and recalled that India has ratified ILO Conventions 29 and 105.
He held bilateral meetings with his counterparts from Australia, Saudi Arabia, France, the Republic of Korea and Canada.
India extended its support to the United Kingdom's G20 Presidency for 2027.
In plain words
MFN Most-Favoured-Nation treatment — A WTO rule requiring a member to give every other member the same trade terms it gives its best-treated partner.
WTO World Trade Organization — The Geneva-based body that administers the rules of global trade and settles trade disputes.
ILO International Labour Organization — The United Nations agency that frames international labour standards as conventions.
S&DT Special and Differential Treatment — WTO provisions that allow developing countries longer timelines and softer obligations.