India's Economic Growth Driven By Its Strengths, Not US-China Trade War: Piyush Goyal
Date
11/1/2024 2:07:29 PM
(MENAFN- KNN India)
New Delhi, Nov 1 (KNN) India's Commerce and industry Minister Piyush Goyal emphasised that India does not view the ongoing US-China trade tensions as a source of advantage, asserting instead that the nation relies on its inherent strengths.
Speaking at the Future investment Initiative in Riyadh, Saudi Arabia, Goyal highlighted India's Democratic foundations, rule of law, and demographic advantages as key pillars of its economic potential.
The statement comes amid escalating trade tensions between the United States and China, which intensified in May when the US implemented significant tariff increases.
These included 100 per cent duties on electric vehicles, 50 per cent on semiconductors, and 25 per cent on aluminium, steel, and batteries.
The US has also begun developing domestic semiconductor and battery production capabilities through subsidy programs.
Global supply chains have undergone considerable realignment in the post-COVID era, with many nations seeking to diversify their sources of critical materials.
While India has been frequently mentioned as a potential alternative to China, alongside other Southeast Asian economies, Goyal emphasised that India's appeal lies in its own merits rather than geopolitical circumstances.
Addressing concerns about the multilateral trade system, Goyal maintained an optimistic outlook while acknowledging current challenges.
He pointed to specific issues within the World Trade Organisation (WTO), including its non-functional appellate body for trade dispute resolution.
However, he cited India's successful bilateral resolution of seven WTO disputes with the United States as evidence of effective diplomatic engagement.
The minister concluded by emphasising India's commitment to dialogue and diplomacy in addressing both economic and conflict-related global challenges, reflecting the nation's broader approach to international relations.
(KNN Bureau)
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