Piyush Goyal: China’s Growth Driven by Unfair Trade Practices

New Delhi: As the global trade landscape faces significant turbulence, India is positioning itself to capitalize on market fluctuations while advocating for fair trade practices. Union Commerce and Industry Minister Piyush Goyal has been vocal about his concerns regarding China’s economic rise, attributing it to unfair trade practices. Goyal’s stance comes at a time when the US has imposed reciprocal tariffs on India, underscoring the need for India to transform challenges into opportunities.
The current market volatility offers India a chance to assert its economic resilience, with Goyal urging Indian industries to embrace nationalism as a core strategy. This approach is centered on converting challenges into opportunities, emphasizing the need for a fair and honest trade environment.
At the heart of Goyal’s criticism is China’s growth model, which he believes is underpinned by distorted pricing and unfair labor practices. The lack of transparency in China’s economic policies has led to an imbalance in global trade, affecting economies like India. Goyal emphasized the importance of fair pricing and honest trade practices to stabilize the global economy and prevent further turmoil.
On a parallel note, India and the US are accelerating talks on a bilateral trade agreement. This comes after President Donald Trump announced a 26% reciprocal tariff on Indian goods, part of a broader tariff strategy targeting several countries. The strong relationship between Prime Minister Narendra Modi and President Trump is seen as a positive factor in achieving an early conclusion to these talks. External Affairs Minister S. Jaishankar also underscored the importance of this agreement during discussions with his American counterpart, highlighting the significance of these negotiations for both nations.
As tensions between major trading countries persist, with Trump recently imposing a 27% tariff on Indian imports, India remains focused on fostering a trade environment that promotes fairness and stability.