Need a sharper Asia trade focus: NITI CEO

NITI CEO

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Subrahmanyam asserted that no sector should be protected and markets need to be opened up and competitive globally.

“Youshouldbeableto sell as you import. Ifyou try to protectby cutting out imports, you will not export either and then you will become more and more backward. The world’s largest exporter — China, is also the world’s 2nd largest importer,” he added.

‘Subrahmanyam said most countries have maximum trade with their neighbours. “It'samisfortune that wearein avery difficult geography. But who are the biggest trading partnersofthe US? Mexicoand Canada. It’snatural. The entire EU trades 50 per cent within itself, Bangladesh is our 6th biggest trading partner, Nepal used to be in the Top 10. If you don’t have strong neighbour-hood trading arrangements, you actually are ata disadvantage,” he emphasised.

Though Subrahmanyam didn’t mention China dominated Regional Comprehensive Economic Partnership (RCEP) on Monday, inNovem-berlast year, he had advocated India joining both RCEP and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). However, trade minister Piyush Goyal has repeatedly said India has no intention to join RCEP that it exited at the last minute in 2019 after years of negotiations.