Union Minister of Commerce and Industry Piyush Goyal stated China’s “improper trade practices” are behind the present turbulence within the global economic system.
“The starting point of this actually goes back to the beginning of maybe 2000 or 3 or 4 years before that. When China was admitted as a member of the WTO collectively, everybody in the world accepted China as a member of the WTO,” he stated throughout an occasion in Mumbai on Monday (April 7, 2025).
“Many parts of the world were convinced that China will transform its processes and bring transparency to their economy and will work on fair terms in the global economy. And we’ve seen that growth over the last 25-30 years, an almost relentless growth to become the second largest economy in the world,” the Minister stated. “But what everybody closed their eyes to was that this growth was fuelled by unfair trade practices. This growth happened at the cost of fair trade. This growth had its foundation on every action which in the rules of the game would be considered improper,” Mr. Goyal stated on the India Global Forum NXT 25 occasion.
He cited the unfair trade practices of China as the explanation behind not allowing BYD to set store in India. “We have to be cautious in whom we allow to invest in the country. We have to be cautious about our strategic interests, our security interests. As of now it’s a no,” he stated. Mr. Goyal additional stated that India would flip this problem into a chance and play the sport in keeping with the foundations, in contrast to international locations that resorted to predatory pricing, dumping, unfair labour practices and attacking provide chains of countries.
Asked if there have been possibilities of China resorting to additional dumping after the U.S. tariffs, he stated that it was a problem and suggested trade to “stay on top of it.”
Speaking on “reciprocal tariffs”, Mr. Goyal underlined that India charged pretty low tariffs on the U.S. “If you look at the United States, for example, while our overall tariff may be 17%, but a lot of it are products that we don’t import at all. Our applied tariff to the United States is probably 7% or 8%. It’s not humongous,” he stated. Applied tariff is the precise tariff charged by a rustic on items imported.
This is Mr. Goyal’s first public assertion after the announcement of U.S. tariff motion on India.
Published – April 07, 2025 10:33 pm IST
