India, Canada sign pacts as trade deal gathers pace

Canada and Singapore affirmed their commitment to bolstering trade relations with China, despite the global trend toward self-sufficiency, at an economic forum in New Delhi on Wednesday. Canada's International Trade Minister, Maninder Sidhu, emphasized China's significance as the country's second-largest trading partner and highlighted potential areas of collaboration, such as energy storage technologies. Sidhu expressed particular interest in China's technological advancements.

Similarly, Singapore's Deputy Prime Minister and Trade Minister, Gan Kim Yong, reaffirmed the city-state's dedication to maintaining strong economic ties with China, even as geopolitical tensions divided the global economy. He stated that Singapore and China would continue to enjoy a robust working relationship, noting their economic cooperation across various sectors, including semiconductors.

However, Sunil Bharti Mittal, founder and chairman of Bharti Enterprises, an Indian conglomerate, advised against excessive dependence on a single supplier like China. He lamented the world's past reliance on China for critical components in various industries, including pharmaceuticals, automobiles, and electronics. Mittal highlighted the growing concerns over interdependencies and their uncertain future.

Indian Commerce Minister Piyush Goyal argued that technological capabilities would not remain monopolized by a select few economies indefinitely. He stressed the need for developing alternative supply chains through cooperation among nations, rather than each country attempting to replicate the entire industrial ecosystem. Goyal assured that India remained open to collaborating with countries worldwide, provided geopolitical tensions did not escalate.