New Delhi. Commerce and Industry Minister Piyush Goyal said on Wednesday that India is not seeing the ongoing trade tension between America and China as an opportunity for its benefit and is standing on its own strength. Addressing the eighth Future Investment Initiative conference in Riyadh, Saudi Arabia, Goyal said that India is full of immense potential and the world is building strong relations with emerging markets.
He said, “India does not consider America-China tension as a means of its profit. We believe that we can stand on our own feet on the strength of our democracy, the rule of law, the strength of our young population and our demographic dividend. It is talented, enthusiastic and aspirational.”
Goyal was responding to a question about macroeconomic prospects in India and the benefits of US-China trade tensions. America has increased the customs duty on many goods imported from China. However, Goyal acknowledged that the multilateral trading system is currently going through some tensions. He said the World Trade Organization (WTO) is facing a dysfunctional appellate body to resolve trade disputes between member countries.
He said, “We are facing some issues where the thinking of the developed world and emerging markets is different. We have not been able to overcome those differences. But I believe the future is bright. “I am very optimistic about these issues because they will make things better for everyone.” He said that India and America have resolved their seven WTO trade disputes bilaterally. He said, “We see a big opportunity for diplomacy which can play a big role in solving the problems of the world. India’s view is that dialogue and diplomacy is the way forward, be it conflict or economics.”