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"There has been a market failure due to the influence of certain non-market economies," Aggarwal said.
A day after the US Court of International Trade curtailed President Donald Trump’s ability to impose tariffs using emergency powers, Rajesh Aggarwal, Special Secretary in the Ministry of Commerce and Industry, said on Thursday that US concerns over the trade deficit should not obstruct progress in the India–US trade partnership.
Speaking at the CII Annual Business Summit, Aggarwal said, “The overall discussion around the trade deficit is largely a narrative driven by the US administration. These are challenges they must address as a major market facing a persistent trade deficit year after year.”
“That, I believe, should not stand in the way of the India–US trade partnership,” added Aggarwal, who also serves as the chief negotiator for the India–US trade deal.
Aggarwal further said that geopolitics and trade have historically been closely intertwined. However, from a purely economic perspective, there has been a market failure due to the influence of certain non-market economies.
Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
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