Politely turning down China's offer to join the RCEP, Commerce and Industry Minister Piyush Goyal echoed the Indian industry's concerns that entering the trade grouping may increase country's trade deficit.

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Speaking to Goyal at the B20 summit in Delhi, China's trade minister Wang Shouwen said RCEP's doors are always open for India and it's India's call if it wants to join the trade grouping. Pointing to the $130 billion trade that took place between the world's most populous countries, Wang said that bilateral trade can rise further if there's an agreement in place.

Responding that the India-China bilateral trade balance is already skewed in the latter's favour, Goyal questioned that many countries are curious to know how China is able to supply goods at less than the raw material's cost.

The Chinese Minister replied by lauding Goyal's performance as India's trade minister for successfully maintaining global trade balance despite being unable to balance trade with each trading partner. He added that it's natural to have a trade deficit with countries like China and said that India also has a trade surplus with several countries.

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First Published:Aug 25, 2023 10:45 PM IST