&w=3840&q=100)
Asean is China's B-team, India has no interest in having a trade deal with them: Piyush Goyal
At a time when India is engaged in multiple trade negotiations, Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has called the trade deal with the bloc 'silly'. read more
Union Commerce Minister Piyush Goyal has slammed Asean countries as the 'B-team of China' and has dubbed trade deals with them as 'silly'.
Goyal's remarks have come at a time when India is holding trade negotiations with various countries and blocs, such as the United States, European Union (EU), Australia, and New Zealand. In recent time, India has signed trade deals with the United Kingdom and United Arab Emirates (UAE).
Speaking at the India Global Forum in the UK, Goyal said in an apparent swipe at the previous Congress-led government that India was 'more focused on doing trade agreements with countries who were our competitors' instead of building complementary partnerships, according to NDTV Profit.
STORY CONTINUES BELOW THIS AD
Goyal called such an approach 'silly'. He included the India-Asean trade agreement among such deals and said members of the Association of Southeast Asian Nations bloc were 'B-team of China'.
'If I do an ASEAN agreement with Indonesia, Malaysia, Thailand, Vietnam, Cambodia, Laos, it really is silly, because I'm opening up my market to my competitors,' said Goyal.
In an apparent reference to the issue of China manipulating country of origin norms by routing its goods via Asean countries, Goyal said that the bloc had become the 'B-Team of China'.
Goyal further said, 'Instead of that, we're focusing on Australia and New Zealand, which will take another three to four months.'
India and Asean signed the ASEAN–India Free Trade Area (AIFTA) in 2010. While the agreement led to the increase in trade by volume, the balance of trade remains heavily in favour of Asean countries. Coupled with the issue of China gaming the trade pact, the AIFTA has often drawn criticism about not being as beneficial to India as envisioned.
Besides the United States, EU, Australia, and New Zealand, India is currently also negotiating trade deals with the trading bloc European Free Trade Association (EFTA), which comprises Iceland, Norway, Liechtenstein, Switzerland. India is also holding trade talks with Chile and Peru.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scroll.in
38 minutes ago
- Scroll.in
Rush Hour: 84% of funds donated during polls went to BJP, 223 Air India victims identified & more
We're building a brand-new studio to bring you bold ground reports, sharp interviews, hard-hitting podcasts, explainers and more. Support Scroll's studio fund today. The BJP accounted for nearly 45% of all expenditure by political parties and over 84% of all funds received by parties during last year's election period from March to June, according to a non-governmental organisation. The Hindutva party spent Rs 1,493.91 crore and collected funds to the tune of Rs 6,268 crore during this period, said the Association for Democratic Reforms. Among the 32 political parties that the report analysed, the Congress had the second-highest expenses at Rs 620.14 crore, or 18.5% of the total expenditure. The Congress collected Rs 592.48 crore during the election period, which amounted to 7.96% of the total amount, the report said. The BJP spent Rs 983.92 crore on publicity, while the Congress spent Rs 502.97 crore. This included media advertisements, publicity material and public meetings. In total, political parties spent Rs 3,352.81 crore during last year's Lok Sabha election and Assembly elections in Andhra Pradesh, Arunachal Pradesh, Odisha and Sikkim that were held along with it. Read on. The Election Commission has reduced the period it will retain video footage and photographs of the polling process to 45 days, citing 'recent misuse' of such material by non-contestants. On May 30, the poll body told state chief electoral officers that recording of polling was not mandated by law but was used as an 'internal management tool'. In 2024, the Election Commission issued instructions laying out timelines, ranging from three months to a year, for storing video footage from stages of the election process. Read on. Eight days after the Air India plane crash in Ahmedabad, the identities of 223 persons who died have been confirmed through DNA testing. Of the total, the bodies of 204 persons have been handed over to their families. Meanwhile, India's Aircraft Accident Investigation Bureau is yet to decide whether flight data and cockpit voice recorders from the aircraft that crashed will be sent overseas for analysis. The crash on June 12 killed all but one of the 242 people onboard Air India's Boeing 787-8 Dreamliner aircraft. Thirty-four persons were also killed on the ground after the plane crashed into the hostel building of the BJ Medical College and Hospital. Read on. Several Opposition leaders have criticised Union Home Minister Amit Shah for saying those who speak English in India will soon feel ashamed. Congress leader Rahul Gandhi said that English is 'not a barrier, but a bridge', adding that the language provides employment and boosts people's self-confidence. Dravida Munnetra Kazhagam MP Kanimozhi told Shah that 'the only thing to be ashamed of is imposing your will on the people and trying to destroy the pluralism of India'.
&w=3840&q=100)
First Post
40 minutes ago
- First Post
Trump creates tariff firewall against China, its companies turn attention to Brazil
China's energy strategy faces disruption as Israel's strikes on Iran threaten key oil supply routes. With US trade tensions rising, Chinese firms are pivoting to Brazil while Beijing accelerates its push for energy self-sufficiency. Analysts warn the conflict could weaken China's regional influence and diplomatic ambitions. read more China's decades-long push to secure energy dominance through partnerships with Iran is facing a major test as the Israel-Iran war threatens to choke Beijing's oil supply lines and disrupt its regional ambitions. The fallout, combined with escalating trade tensions with Washington, is prompting a reorientation of Chinese corporate interests toward markets like Brazil, according to a report by the Financial Times. Chinese President Xi Jinping this week urged restraint from all sides in the escalating Middle East conflict, while also criticising US interference in China's trade with Iran. Yet, concerns in Beijing are mounting as Israel continues to target Iranian oil and nuclear facilities. Analysts say this not only jeopardises China's access to cheap Iranian crude but also threatens its broader diplomatic and energy strategy in the region. STORY CONTINUES BELOW THIS AD 'If this situation continues to escalate, then they lose quite a bit, both in terms of their energy security and Iran as a strategic card that China holds,' said Gedaliah Afterman of Israel's Abba Eban Institute, speaking to FT. Iran has become a vital energy partner for China, particularly since US-led sanctions intensified in 2018. China buys the bulk of Iran's oil exports—reaching as much as 1.6 million barrels a day at its peak in 2024—and supplies Tehran with essential goods, including electronics, vehicles, and even nuclear equipment. But Iranian shipments to China dropped to 740,000 barrels a day by April, driven by fears of further sanctions and intensifying regional instability. The risk of an Iranian blockade of the Strait of Hormuz—through which billions of dollars in Gulf oil flows to China adds to Beijing's anxiety. While some Chinese analysts say OPEC+ producers may fill the gap in a worst-case scenario, any broader disruption would drive up prices and hit China's energy security. China's reliance on Gulf suppliers is significant. Besides Iran, Saudi Arabia is its largest oil provider outside Russia. In natural gas, over a quarter of China's LNG imports last year came from Qatar and the UAE. Even with long-term contracts, Chinese importers may be forced to turn to the spot market at higher costs if the regional crisis widens. STORY CONTINUES BELOW THIS AD The FT report also highlights that President Xi's broader strategy of energy self-sufficiency may now accelerate. China is already the world's top user of oil, but under Xi, it has embarked on a massive renewable push. Solar and wind now make up 56% of total electricity power plant capacity, up from a third ten years ago. 'This crisis will only make Beijing double down,' said Neil Beveridge of Bernstein Research. 'If it wasn't happening fast enough before, it will be happening even faster now.' At the same time, the US-China rivalry continues to simmer. Former President Donald Trump has moved to harden trade restrictions on Beijing, creating what analysts describe as a 'tariff firewall.' Facing mounting pressure, many Chinese firms are increasingly eyeing Brazil as an alternative trade partner and investment destination, particularly in sectors like agriculture, green energy, and critical minerals. Beijing's broader diplomatic ambitions in the Middle East have also taken a hit. China's influence surged with its mediation of the 2023 Saudi-Iran deal and its 25-year cooperation pact with Tehran. But analysts were quoted by FT as highlighting its role as a neutral broker has been diminished by the latest conflict and its cautious response. STORY CONTINUES BELOW THIS AD 'The demise or the collapse of the Iranian system or the Iranian power as we knew it is not good news for China,' Yun Sun of the Stimson Center told FT. 'That indirectly means that American influence has expanded.' Experts echoed that for Beijing, the Israel-Iran war is a stark reminder of the vulnerability in its foreign energy bets and the geopolitical limits of its global aspirations.
India.com
41 minutes ago
- India.com
J-K CM Omar Abdullah Details Iran Evacuation Efforts, Urges Israel-Iran Dialogue
Jammu and Kashmir Chief Minister Omar Abdullah provided an update on the evacuation of Indian students, mostly from J-K, stranded in Iran due to the ongoing Israel-Iran conflict, emphasizing the use of land routes to Armenia for their safe return. He said over 300 to 400 students are expected to reach safer zones by today, from where they will be repatriated to India via Armenia. He stated, "We cannot evacuate them overnight because no airports are open, no ports are operational. We are first bringing them by road to cities where there is no bombing, and from there, efforts are being made to bring them back to India via Armenia. Today, we expect around 300 to 400 more students to arrive, most of whom are from Jammu and Kashmir. We will bring them back home safely, and there is a sense of hope all around." Amid escalating tensions between Iran and Israel, Abdullah called for de-escalation through dialogue. "The India-Pakistan issue is a separate matter, and the Israel-Iran issue is different. In any case, this bombing should never have started. Earlier, when the head of U.S. intelligence was asked whether Iran had nuclear weapons, he said he didn't think they would be able to make one anytime soon. But within a few months, Israel launched attacks on Iran. These attacks must stop, and the issues should be resolved through dialogue," he said. Abdullah also voiced concerns over the dynamics of India-U.S. relations, suggesting that the United States prioritises its interests over bilateral ties with India. He said, "We can't dictate to the US President whom he should invite for dinner. We used to think the US President was our close friend, and he would respect that, but the US does what benefits it..." Minister of State for External Affairs Kirti Vardhan Singh on Thursday welcomed the first group of 110 Indian nationals evacuated from Iran amid the ongoing Israel-Iran conflict. Jammu and Kashmir Chief Minister Omar Abdullah's office informed that he had taken note of the students evacuated from Iran's request regarding the quality of the buses arranged to transport them from Delhi to J-K. "The Chief Minister has taken note of the request of the students evacuated from Iran regarding the quality of buses arranged to transport them from Delhi to J-K. The Resident Commissioner has been tasked with coordinating with the JKRTC to ensure proper deluxe buses are arranged," the chief minister's office said in a post on X. Students who have been evacuated under Operation Sindhu from conflict-affected Iran raised issues about the buses that the J-K government is providing for them to travel to their home state. The Indian government has launched Operation Sindhu to evacuate Indian nationals from Iran, given the deteriorating situation as a result of the ongoing conflict between Iran and Israel.
