India Aims to Thrive on Own Strength Amid US-China Tensions

New Delhi, Oct 30 (PTI) India is not looking at the ongoing US-China trade tensions as an opportunity for its own benefit and the country stands on its strengths such as democratic institutions, robust rule of law, and talented youth, Commerce and Industry Minister Piyush Goyal said on Wednesday.

Speaking at the eighth Future Investment Initiative (PII) Plenary in Riyadh (Saudi Arabia), he said India offers huge opportunities and the world is building stronger ties with the emerging markets.

"India does not look at the US-China tensions as a source of benefit. We believe we can stand on our own feet, on the strength of our democracy, the rule of law that we offer, the strength of our young population, and our demographic dividend works well. It is talented, spirited and aspirational," the minister said.

He was replying to a question about huge economic potential in the country and India is one of the major beneficiaries of the developments in the world like US-China trade tensions.

The US has raised customs duties on a number of goods imported from China.

When asked if the multilateral trade system has failed, Goyal said it has not, but it is going through certain stresses.

He said that the World Trade Organization (WTO) is grappling with issues like a dysfunctional appellate body to resolve trade disputes among member countries.

"We have challenges on certain agendas where the developed world and the emerging markets think differently. We have not been able to reconcile those differences. But I am one who believes that the future is bright and I am very optimistic about these issues only making things better for all," he said.

He added that India and the US resolved their seven WTO trade disputes bilaterally.

"So we see a great opportunity for diplomacy playing a greater role in resolving the problems of the world and India's approach is that dialogue and diplomacy is the way forward whether it is conflict or economics," he said.