… Then our trade deficit with China would have increased, heart’s relation with America: Goyal

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India has a trade deficit of $83 billion with China while India has a trade surplus of $28 billion with the US. Keeping this in mind, Goyal said in a lighter vein, “My heart is with the US Trade Representative.” His gesture was towards Catherine Tai. He also appreciated the efforts of Catherine Tai in bilateral settlement of six out of seven issues that have been the subject of contention between India and the US at the World Trade Organisation.

Commerce and Industry Minister Piyush Goyal said on Friday in the presence of trade ministers of the US and China that the main reason for India not being a part of the China-led Regional Comprehensive Economic Partnership (RCEP) was because it would have widened the trade deficit. Along with this, pointing to the trade surplus with America, Goyal said that India’s heart is connected with America. Goyal made the remarks at an interactive session of trade ministers at the B20 summit in the capital. During this, China’s Vice Minister of Trade Wang Shouwen and US Trade Representative Catherine Tei were also present. Goyal asked Shouwen if China regretted not being a part of India’s RCEP.

On this, the Chinese minister said that if India had become a part of this agreement, the trade possibilities between the two countries would have increased even more, which would have benefited both the countries. Along with this, Shouwen said, it is up to you to decide whether you will be a part of RCEP or not. But the doors of RCEP will always be open for India. To this, Goyal said in his response, bilateral trade would have increased but with it the trade deficit would also have increased. We are already worried about the $130 billion trade with China being tilted in China’s favor. The Indian industry believes that in case of becoming a part of RCEP, the deficit would have increased with the increase in trade.

Appreciating Goyal’s efforts in taking care of India’s trade interests, China’s Vice Minister of Trade said, “Even though you have not been able to balance trade with every country, you have been very successful in balancing global trade for your country.” have been India has a trade deficit of $83 billion with China while India has a trade surplus of $28 billion with the US. Keeping this in mind, Goyal said in a lighter vein, “My heart is with the US Trade Representative.” His gesture was towards Catherine Tai. He also appreciated Catherine Tai’s efforts in bilateral settlement of six out of seven issues that have been the subject of contention between India and the US at the World Trade Organisation.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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