US-China trade war may not be a bad thing, says Jaishankar
Modi-Trump meet likely on UNGA session margins
New Delhi: External affairs minister S Jaishankar has said the ongoing trade war between the US and China “may not be such a bad thing” if it results in fairer market access all over the world. The remark came in the context of the India-China economic relationship, which is in focus as the clock runs down on the Regional Comprehensive Economic Partnership (RCEP) negotiations in Singapore.
In an interview on CNA, Jaishankar noted that his country too has had friction with China, concerning market access. “I run a massive trade deficit with China. It accounts for more than 50% of my trade deficit,” he said.
Jaishankar said he wasn’t arguing that trade deficits are by definition bad or wrong. “It is whether the trade deficits are outcomes of market forces, whether they reflect your com
petitiveness, or they’re outcomes of lack of fair market access. Now, in the case of India, again we have a very big pharma industry, we have a big IT business. They are globally successful… (but) we have very little business in China.”
Asked if US was trying to use India as part of a containment policy for China, he said: “A lot of people who say that, are people who have a Cold War mindset, who have lived through containment, who have practised containment … so they are transposing their terms, their visions, their fears, their past on all of this.” PMNarendra
Modi and US President Donald Trump may hold their third meeting of the year in New York on the margins of the UN General Assembly session later this month. The two leaders had first met this year in Osaka for the G20 and then at Biarritz in France recently for the G7 summit. Modi is expected to be in New York from September 23 to 28 for the UNGA session. Plans are afoot for a day-long visit to Washington DC for a meeting with Trump.
The meeting will come even as the PM prepares to address the UNGA on September 27, the same day as his Pakistani counterpart Imran Khan.
Modi will address the UN Secretary General’s climate summit on September 24.