Bhasin said that different ways can be explored to access the large Chinese market, stating that an increase in trade with China can allow entry of useful technology to further India’s processes and productivity.
While he expressed hope for a trade deal between India and the US, he indicated that the US tends to change its mind, and even once there is a trade deal, he hopes for it to “sustain and last”.Read more: India discusses opportunity for 30,000 skilled workers, social security pact with Romania
Claiming that India’s trade with Southeast Asia has never reached its full potential due to its focus on European and American markets, he said that “Indians are fantastic entrepreneurs”, and “should not underestimate how well we will adapt to be able to sell to China.”
On Press Note 3, which is India’s policy scrutinising Foreign Direct Investments (FDI), as well as India’s decision to not join the China-led Regional Comprehensive Economic Partnership (RCEP), he hoped that “some of those stands will also be relooked”.
“We should go back and see whether we should become a member of RCEP or not,” Bhasin said.
He further pointed out that India and China are huge markets for each other, stating that an increase in trade can only help increase economic growth, adding that bilateral arrangements with many countries will take more time, while “geopolitical issues are very relevant”.
