{"id":254651,"date":"2023-08-03T21:27:10","date_gmt":"2023-08-03T15:57:10","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=254651"},"modified":"2023-08-29T16:06:30","modified_gmt":"2023-08-29T10:36:30","slug":"from-state-visit-to-a-more-robust-trade-relationship","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/from-state-visit-to-a-more-robust-trade-relationship\/","title":{"rendered":"From state visit to a more robust trade relationship"},"content":{"rendered":"\n

Source:<\/strong> The post is based on the article \u201cFrom state visit to a more robust trade relationship<\/strong>\u201d published in \u201cThe Hindu\u201d on 3rd August 2023.<\/p>\n

Syllabus:<\/strong> GS2- Bilateral, regional and global groupings and agreements involving India and\/or affecting India’s interests<\/p>\n

News:<\/strong> In this article author discusses the historic visit of India\u2019s Prime Minister to Washington. They highlight the growing U.S.-India partnership, especially in defense and technology. However, the trade relationship, though improving, hasn’t reached its potential. Both nations should prioritize creating a strong Free Trade Agreement to maximize benefits.<\/p>\n

About India-US trade<\/strong><\/h2>\n

Historic Visit:<\/strong> India\u2019s PM 2023 visit to Washington strengthens U.S.-India relations.<\/p>\n

Current Trade:<\/strong> Exceeds $120 billion.<\/p>\n

U.S. Approach:<\/strong> Shifted from traditional FTAs, emphasizing resilient supply chains and labor rights.<\/p>\n

Enhancing Relations:<\/strong> Resolved six WTO disputes during India\u2019s PM US visit; potential for a major Free Trade Agreement.<\/p>\n

Agriculture Trades:<\/strong> Exchanges like mangoes for India and cherries for the U.S. without an FTA.<\/p>\n

Trade Potential:<\/strong> By prioritizing, bilateral trade could reach $500-$600 billion by 2030.<\/p>\n

What is the U.S.’s current trade approach?<\/strong><\/h2>\n

Shift from FTAs:<\/strong> The U.S. has evolved away from Free Trade Agreements.<\/p>\n

Supply Chain Focus:<\/strong> Emphasis on creating resilient supply chains.<\/p>\n

Reshoring and Friend-shoring:<\/strong> Aim to bring production back to the U.S. or move to friendly countries.<\/p>\n

Labor and Environment:<\/strong> Prioritizing labor rights and environmentally friendly production over traditional globalization.<\/p>\n

Skeptics’ Views:<\/strong> Many believe the U.S.’s goals could be better achieved with a revamped FTA strategy.<\/p>\n

How can both countries enhance their trade relationship?<\/strong><\/h2>\n

Resolve Disputes:<\/strong> During recent India\u2019s PM US visit, six disputes under the World Trade Organization were settled.<\/p>\n

Explore FTAs:<\/strong> Both countries should consider major Free Trade Agreement negotiations.<\/p>\n

Utilize Past Successes:<\/strong> Examples include small trade deals like exchanging mangoes, pomegranates from India for U.S. cherries, hay, and pork.<\/p>\n

Agriculture Opportunities:<\/strong> India has shown willingness to open its agricultural market in exchange for concessions, as seen with Australia gaining access for wine, wool, and sheep meat.<\/p>\n

Work Towards Major Agreements:<\/strong> Initiating negotiations for a comprehensive Free Trade Agreement could cover a wider range of goods and services.<\/p>\n

Stronger Leadership Mandate:<\/strong> Trade needs more attention from both Biden and Modi administrations for better outcomes.<\/p>\n

Set Ambitious Goals:<\/strong> Aiming for $500-$600 billion in bilateral trade by 2030 is possible with a focused approach.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cFrom state visit to a more robust trade relationship\u201d published in \u201cThe Hindu\u201d on 3rd August 2023. Syllabus: GS2- Bilateral, regional and global groupings and agreements involving India and\/or affecting India’s interests News: In this article author discusses the historic visit of India\u2019s Prime Minister to Washington.… Continue reading From state visit to a more robust trade relationship<\/span><\/a><\/p>\n","protected":false},"author":10320,"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":[212,239,238,10498],"class_list":["post-254651","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-international-relations","tag-ir","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/254651","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=254651"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/254651\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=254651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=254651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=254651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}