New Delhi: Trade and Minister of Industry Piyush Goyal on Monday said there was no extraordinary increase in trade with China and that the trade deficit with neighboring countries had fallen to $ 44 billion by 2021 from $ 48 billion in 2014-15.
The Minister also said that from 2003 and 2013-14, when the United Progressive Alliance (UPA) in power, imports from China had increased by 1,160 percent.
There are also 24 times the trade deficit increase of $ 1.5 billion in 2004-05 to $ 36 billion in 20-13-14, he added.
Goyal statement came a few days after Congress spokesman Gourav Vallabh criticized the government said that while China was changing the name of places in Arunachal Pradesh and established villages in the Indian region, the government still continued to trade 100 billion dollars with China.
“That (trade deficit) almost remains stable …
I can assure you that there is no extraordinary increase (in trade) with China,” said Goyal.
He also noted that India’s overall trade with Australia increased by 102 percent, South Africa 82 percent, 65 percent UAE and China was only 44 percent.
Regarding free trade agreements, Goyal said that the Indian FTA with UAE was close to finalization.
India also concludes temporary agreements with Australia, which will include “large interest areas, especially our workers oriented sectors such as textiles, pharmacies, footwear, leather products, and agricultural products,” he said.
India also plans to launch FTA negotiations with England later this month and apply temporary agreements in March this year while talks with Canada are expected to be launched in the next 2-3 months, the Minister said.