<\/p>\n
News: <\/span><\/b>Recently, there has been differences between the<\/span> United States<\/span><\/b> and India over India\u2019s stand on Russia\u2019s invasion of Ukraine. This has brought the bilateral relationship between the largest and sixth-largest global economies at the centre of debate and their expected role in the Indo-Pacific Region.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n Over the past 22 years, the United States and India have steadily widened and deepened their partnership. It covers almost every area of human endeavour.\u00a0<\/span>\u00a0<\/span><\/p>\n In 2017, the US withdrew from the Trans-Pacific Partnership (TPP). In 2019, India pulled out of the Regional Comprehensive Economic Partnership (RCEP) negotiations. This has allowed China to shape the <\/span>Asian trade landscape<\/span><\/b>. China is already part of <\/span>RCEP<\/span><\/b>. It has also applied to join <\/span>the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) <\/span><\/b>and <\/span>the Digital Economy Partnership Agreement.<\/span><\/b>\u00a0<\/span><\/p>\n China has adopted an <\/span>assertive approach<\/span><\/b>. It is integrating itself with its neighbours through the <\/span>Belt and Road Initiative<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n Despite efforts, the US-India trade relationship remains a weak component of the strategic partnership.\u00a0<\/span>\u00a0<\/span><\/p>\n The flows of goods and services between the two countries are well below the levels.\u00a0<\/span>\u00a0<\/span><\/p>\n The US and India should rethink their <\/span>economic<\/span><\/b> and <\/span>trade strategies<\/span><\/b>. This is important as China can shape the rules for trade and investment in the Indo-Pacific Region.<\/span>\u00a0<\/span><\/p>\n There is a need to enhance <\/span>bilateral trade. <\/span><\/b>It is important for both economies to grow. It will provide a <\/span>long-term ballast<\/span><\/b> to the <\/span>US-India strategic partnership.<\/span><\/b>\u00a0<\/span><\/p>\n Both must play a central role in developing the <\/span>economic framework and <\/span><\/b>regional trade rules for a<\/span> free <\/span><\/b>and <\/span>open Indo-Pacific<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n The Biden administration is going to finalize the <\/span>new Indo-Pacific Economic Framework (IPEF)<\/span><\/b>. It will build <\/span>regional economic architecture <\/span><\/b>in the Indo-Pacific Region. It provides an important opportunity to build economic ties for India.<\/span>\u00a0<\/span><\/p>\n The US should reinstate India\u2019s <\/span>Generalised System of Preferences (GSP) <\/span><\/b>benefits. It will resolve outstanding bilateral issues.\u00a0<\/span>\u00a0<\/span><\/p>\n The mandate of the <\/span>Quad<\/span><\/b> can be expanded to include trade. At present, all the QUAD countries already have bilateral trade agreements with each other. These agreements could provide the foundation for a Quad working group on trade.\u00a0<\/span>\u00a0<\/span><\/p>\n In future, both India and the US could engage with other <\/span>Indo-Pacific partners <\/span><\/b>like the <\/span>Association of Southeast Asian Nations (ASEAN)<\/span><\/b> and the<\/span> CPTPP.<\/span><\/b><\/p>\n Source<\/span><\/b>: The post is based on an article \u201c<\/span>A vision for US-India economic partnership<\/span><\/b>\u201d published in the Business Standard<\/strong> on 19<\/strong><\/span>th<\/strong> April 2022<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" News: Recently, there has been differences between the United States and India over India\u2019s stand on Russia\u2019s invasion of Ukraine. This has brought the bilateral relationship between the largest and sixth-largest global economies at the centre of debate and their expected role in the Indo-Pacific Region.\u00a0\u00a0\u00a0 What have been the convergence of Interests between India… Continue reading A vision for US-India economic partnership\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,212],"class_list":["post-180375","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700778292,"cached_date":1704935225},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/180375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=180375"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/180375\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=180375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=180375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=180375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What have been the convergence of Interests between India and the US?<\/span><\/b>\u00a0<\/span><\/h5>\n
What are the issues in bilateral relations?<\/span><\/b>\u00a0<\/span><\/h5>\n
Way Forward<\/span><\/b>\u00a0<\/span><\/h5>\n