Commerce Minister Piyush Goyal's Stand Against Unfair Trade

Commerce minister Piyush Goyal has pointed fingers at China's unfair trade practices over the past two decades as the primary reason behind the current global tariff crises. Speaking at an India Global Forum event in Mumbai, Goyal emphasized the need for collective global action to restore fair trade practices and preserve multilateral trade.

Turning Crisis into Opportunity

Goyal urged India to view the tariff crisis as an opportunity, similar to how the country navigated the Y2K and Covid challenges. He called on Indian companies to adopt a nationalistic approach, collaborate across sectors, and align with national goals to overcome the current economic hurdles.

The Global Impact of China's WTO Admission

Goyal highlighted that the tariff war initiated by Trump was a result of decades of trade imbalances, starting with China's entry into the WTO in 2001. He criticized the global community for turning a blind eye to China's growth, which was fueled by practices that undermined fair play and proper trade rules.

A Call for Reform and Transparency

The minister expressed disappointment over the global expectation that China would reform its practices and bring transparency to its economy. He stressed that the current state of global trade is a culmination of years of unfair practices that have damaged national economies and the manufacturing ecosystem worldwide.