The minister also said that from 2003 and 2013-14, when the United Progressive Alliance (UPA) was in power, imports from China had increased 1,160 per cent. There was also a 24 times increase in trade deficit from USD 1.5 billion in 2004-05 to USD 36 billion in 20-13-14, he added.
Goyal’s remarks come days after Congress spokesperson Gourav Vallabh criticised the government saying that while China was renaming places in Arunachal Pradesh and setting up villages in Indian territory, the government was still carrying on with 100-billion-dollar trade with China.
“It (trade deficit) almost remains steady… I can assure you that there is no extraordinary increase (in trade) with China,” Goyal said.
He also noted that India’s overall trade with Australia increased 102 per cent, South Africa 82 per cent, UAE 65 per cent and China only 44 per cent.
About free trade agreements, Goyal said that India’s FTA with the UAE is close to finalisation.
India is also concluding the interim agreement with Australia, which will cover “large areas of interest particularly our labour-oriented sectors like textiles, pharma, footwear, leather products and agricultural products,” he said.
India is also planning to launch FTA negotiations with the UK later this month and put in place an interim agreement by March this year while talks with Canada are expected to be launched in the next 2-3 months, the minister said.
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