India does not look at tensions between US and China as a source of benefit and stands on its own strengths and potential, commerce and industry minister Piyush Goyal said Wednesday.
“We believe we can stand on our own feet on the strength of our democracy, the rule of law that we offer, the strength of the young population, and the demographic dividend works well for us,” he said at the Future Investment Initiative in Riyadh in Saudi Arabia.
“What we have to offer is an opportunity and countries across the world are building stronger ties with the developing or emerging markets and less developed markets. That is where opportunity lies,” he was replying to a question about the economic potential in the country and India as one of the major beneficiaries of the developments in the world like US-China trade tensions.
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China-US trade tensions that have been simmering for the past many years escalated many notches in May this year when the US imposed 100% duties on electric vehicles and hiked duties to 50% on semiconductors, 25% on aluminium and steel and batteries.
Through subsidies the US has started building capacities for semiconductors and batteries. Post COVID the world is looking to readjust the global supply chains and create alternate sources of critical materials and inputs. India is one of the countries that has been talked of as an alternative to China along with other economies in Southeast Asia.
When asked if the multilateral trade system has failed, Goyal said it has not, but it is going through certain stresses.
He said that the World Trade Organisation (WTO) is grappling with issues like dysfunctional appellate body to resolve trade disputes among member countries.
“We have challenges on certain agendas where the developed world and the emerging markets think differently. We have not been able to reconcile those differences. But I am one who believes that the future is bright and I am very optimistic about these issues only making things better for all,” he said.
He added that India and the US resolved their seven WTO trade disputes bilaterally.
“So we see a great opportunity for diplomacy playing a greater role in resolving the problems of the world and India’s approach is that dialogue and diplomacy is the way forward whether it is conflict or economics,” he said.
From: financialexpress
Financial News
