By laksh5382 
Piyush Goyal, Minister of Commerce and Industry | Photo Credit: Annie
The current economic disturbance faced by the world has not been created overnight, but the culmination of long -term inappropriate trade practices by China over the years.
Commerce and Industry Minister Piyush Goyal said that the initial point of economic disturbance was when China was admitted as a member of the WTO.
Each country accepted Chinese membership for the WTO and admitted that it would change the way the business would do. The world had expected China that she would take transparency and adopt fair trade practices, she said at the India Global Forum held here on Monday.
He said that a large part of the world was overcome from China’s low -cost production and opened its doors without estimating its long -term impact.
Untrue trade practices
Throughout the process, China’s economy booured and it emerged as the second largest economy, which was fuel by untrue trade practices, Goyal said.
China adopted hunter pricing and a large subsidiary to occupy the market in various parts of the world. In this process, he ended the rich domestic business of different countries, he said.
India needs to believe in China’s fair trade practices before strengthening trade relations with that country.
Goyal said that the Chinese economy is given huge subsidy and some products prices crash to occupy the market for a particular product in just a specific country.
Goyal said India’s trade deficit with China was at a comfortable level, unless Vajpayee was the Prime Minister, but when the UPA government signed an agreement with China, the balloon came in the next 10 years.
On the tariff imposed by the US, he said that the tariff rate applied to the US is only 7-8 percent and has been estimated as 17 percent as it is high on some products that India does not import.
Lower tariff’s levy has nothing to do with relations with America. Tariff war based on a certain formula. In fact, India is favorable with all countries that adopt fair trade practices, they said.
He said that businesses could be more turbulent and corporate India should learn to change every challenge to an opportunity like he did during the Y2K problem in 1999 and Kovid, he said.
Corporates should ensure their downstream player’s viability and do not make less changes for cost profit, they said.
If they do this today, they will face the same fate when their upstream business cannot change them, they said.
Goyal said that India is ready to join hands with countries that adopt fair trade practices with mutual respect.
On opening the doors to Byd just like Tesla, Goyal said that the company should first explain to India that it would play by book and not use the country to dump its products.
Published on 7 April 2025