Key Takeaways
- India is eager to work with countries following fair trade practices, says Piyush Goyal.
- India’s industry is competent and can beat any competition if everyone sticks to the rules of the game.
- India’s trade deficit with China surged during the 10 years of the UPA government, causing significant economic damage.
Mumbai: Amid escalating global tariff war following US President Donald Trump’s announcement of “reciprocal tariff” on its trade partners including India, Union Commerce and Industry Minister Piyush Goyal on Monday said India was looking forward to working with countries which follow fair trade practices and offer equal opportunities to business.
“We are a country that believes that bilaterally we can work together with countries which have fair trade practices,” Goyal said at India Global Forum.
He further said that Indian industry is very competent and can beat any competition in the world if everybody sticks to the rules of the game.
“I have no hesitation in saying that bilaterally we have a lot of elbow room in working with developed countries and countries where we find equal opportunities to do business,” the Minister said.
Goyal also took a swipe at the Congress-led UPA government for bulging trade deficit with China.
Speaking to reporters, the Minister said that when Atal Bihari Vajpayee laid down the office in 2004, the India-China trade deficit was at a certain level, and in the 10 years of the UPA government it surged.
“We wonder what that MoU that was signed by Mr Rahul Gandhi in China with the Communist Party of China, after which tariffs were brought down very significantly on products which China massively dumped into India, which killed many of our Indian manufacturing ecosystem and made us dependent on China. The country is still today suffering from that 10 years of mismanagement of the economy,” he said
