India should build strong trading ties with neighbours, including China economy, says NITI Aayog CEO BVR Subrahmanyam
New Delhi: India should build stronger trading relationships with its neighbours, including China, a $18 trillion economy that cannot be avoided, NITI Aayog CEO BVR Subrahmanyam has said, according to media reports.
Speaking at the launch of Trade Watch Quarterly, Subrahmanyam underscored the importance of deepening regional trade ties, noting that Bangladesh is now India’s sixth-largest trading partner, while Nepal once ranked among the top ten, reported PTI.
“It is a misfortune that we are in a very difficult geography. Who are the biggest trading partners of the US? Mexico and Canada. It is natural. If you do not have strong neighbourhood trading arrangements, you actually are at a disadvantage... If you are competitive, they will buy your stuff,” he was quoted as saying by PTI.
He further pointed out that while the European Union trades 50 percent within itself, India’s trade with its neighbouring countries remains limited — a gap that, he suggested, must be bridged to enhance competitiveness and regional integration.
Asked about the government’s position on lifting curbs on Chinese investments, Subrahmanyam refrained from a direct comment but acknowledged that China remains a major supplier for India.
“Focus on Asia big time. There is no escaping that. If you are not able to sell much to China, it is pointless, because it is a USD 18 trillion economy—you cannot avoid that economy. You should be able to compete and sell. Good countries have trade surpluses with China,” he said, according to the report.
Subrahmanyam also revealed that following GST 2.0, another set of economic reforms is likely to be announced before Diwali, based on recommendations from a committee led by NITI Aayog member Rajiv Gauba, which has already submitted its first set of reports.
He noted that India had “missed the bus” when global supply chains and manufacturing bases were shifting to Vietnam, stressing that the country must now act decisively to strengthen its role in regional trade.
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