NEW DELHI: India is not viewing the ongoing US-China trade tensions as a potential advantage, instead aiming to thrive on its own inherent strengths, Commerce and Industry Minister Piyush Goyal emphasised on Wednesday.
Speaking at the eighth Future Investment Initiative (FII) Plenary in Riyadh, Saudi Arabia, Goyal said India stands on pillars such as its democratic institutions, rule of law, and a young, talented workforce, rather than relying on external conflicts for growth opportunities.
“India does not look at US-China tensions as a benefit. We believe in standing on our own feet, drawing strength from our democratic framework, our robust rule of law, and our young, aspirational demographic dividend,” Goyal stated in response to questions on India’s economic potential amid shifting global dynamics.
Value of emerging markets
This approach, he added, is reflective of a broader global shift, with the world increasingly recognising the value of emerging markets like India.
Amidst ongoing trade tensions, the US has increased tariffs on several Chinese imports, which some suggest could open opportunities for other markets. However, Goyal reiterated that India’s growth is self-driven.
When asked if the multilateral trade system has failed, Goyal disagreed, asserting that while institutions like the World Trade Organisation (WTO) face challenges, they are not obsolete. The WTO, for instance, is working through complex issues such as the appellate body impasse for resolving trade disputes among member nations.
Different agendas
“There are differences in agenda between developed nations and emerging markets, and while we haven’t fully reconciled them, I am optimistic these issues will eventually lead to improvements for all,” he said.
He also highlighted the diplomatic success of India and the US in settling seven WTO trade disputes bilaterally, reinforcing the country’s belief in diplomacy as the pathway forward. “India’s stance is that dialogue and diplomacy should be prioritised in addressing both economic and geopolitical conflicts,” Goyal concluded.
