New Delhi: Minister of Commerce and Industry Piyush Goyal There has been no extraordinary growth in trade with China and the trade deficit with the neighboring country will come down to $44 billion in 2021 from $48 billion in 2014-15, it said on Monday.
The minister also said that from 2003 and 2013-14, when the United Progressive Alliance (UPA) was in power, imports from China had increased by 1,160 per cent. He said the trade deficit widened from $1.5 billion in 2004-05 to $36 billion in 20-13-14.
Goel’s remarks came days after Congress spokesperson Gaurav Vallabh criticized the government, saying while China was renaming places in Arunachal Pradesh and setting up villages in Indian territory, the government was still spending $100 billion with China. doing business.
“It (trade deficit) has remained almost constant. I can assure you that there has been no phenomenal growth (in trade) with China,” Goyal said.
He also said that India’s total trade with Australia has grown by 102 per cent, in South Africa by 82 per cent, in the United Arab Emirates by 65 per cent and with China by only 44 per cent.
On free trade agreements, Goyal said India’s FTA with UAE is close to finalisation.
India is also concluding an interim agreement with Australia, which will cover “large areas of interest, especially in our labor-oriented sectors such as textiles, pharma, footwear, leather products and agricultural products”.
India is planning to start FTA talks with the UK later this month and an interim agreement by March this year, while talks with Canada are expected to start in the next 2-3 months, the minister said.
The minister also said that from 2003 and 2013-14, when the United Progressive Alliance (UPA) was in power, imports from China had increased by 1,160 per cent. He said the trade deficit widened from $1.5 billion in 2004-05 to $36 billion in 20-13-14.
Goel’s remarks came days after Congress spokesperson Gaurav Vallabh criticized the government, saying while China was renaming places in Arunachal Pradesh and setting up villages in Indian territory, the government was still spending $100 billion with China. doing business.
“It (trade deficit) has remained almost constant. I can assure you that there has been no phenomenal growth (in trade) with China,” Goyal said.
He also said that India’s total trade with Australia has grown by 102 per cent, in South Africa by 82 per cent, in the United Arab Emirates by 65 per cent and with China by only 44 per cent.
On free trade agreements, Goyal said India’s FTA with UAE is close to finalisation.
India is also concluding an interim agreement with Australia, which will cover “large areas of interest, especially in our labor-oriented sectors such as textiles, pharma, footwear, leather products and agricultural products”.
India is planning to start FTA talks with the UK later this month and an interim agreement by March this year, while talks with Canada are expected to start in the next 2-3 months, the minister said.
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