Commerce and Industry Minister Piyush Goyal on Monday mentioned there was no extraordinary increase in trade with China and that the trade deficit with the neighbouring nation has come all the way down to USD 44 billion in 2021 from USD 48 billion in 2014-15.
The minister additionally mentioned that from 2003 and 2013-14, when the United Progressive Alliance (UPA) was in energy, imports from China had elevated 1,160 per cent. There was additionally a 24 instances increase in trade deficit from USD 1.5 billion in 2004-05 to USD 36 billion in 20-13-14, he added.
Goyal’s remarks come days after Congress spokesperson Gourav Vallabh criticised the federal government saying that whereas China was renaming locations in Arunachal Pradesh and establishing villages in Indian territory, the federal government was nonetheless carrying on with 100-billion-dollar trade with China.
“It (trade deficit) nearly stays regular I can guarantee you that there isn’t a extraordinary increase (in trade) with China,” Goyal mentioned.
He additionally famous that India’s general trade with Australia elevated 102 per cent, South Africa 82 per cent, UAE 65 per cent and China solely 44 per cent.
About free trade agreements, Goyal mentioned that India’s FTA with the UAE is near finalisation.
India can be concluding the interim settlement with Australia, which is able to cowl “giant areas of curiosity notably our labour-oriented sectors like textiles, pharma, footwear, leather-based merchandise and agricultural merchandise,” he mentioned.
India can be planning to launch FTA negotiations with the UK later this month and put in place an interim settlement by March this 12 months whereas talks with Canada are anticipated to be launched in the following 2-3 months, the minister mentioned.
(Only the headline and film of this report might have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)