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| Name | India's international trade relations | Decoding India's growing trade relations with major powers |
| Video Uploader | Video From Times Of India |
| Upload Date | This Video Uploaded At 23-05-2023 03:24:27 |
| Video Discription | India's trade and economic relations with major powers have undergone significant changes, in recent years. India is one of the fastest growing economies in the world. Because of this, India has become an attractive destination for trade and investment. What are India’s trade and economic relations, especially with major powers? And that does the future look like? These are…the core questions. The United States is one of India's most important trading partners. According to the US Trade Representative's office, bilateral trade between the two countries reached $146.1 billion in 2020. The US is also one of the largest investors in India, with cumulative foreign direct investment (FDI) of over $42 billion in sectors like services, computer software, and telecommunications. India and the USA have been working to deepen their trade and economic ties through various initiatives. In 2019, India and the US launched a new strategic energy partnership to increase energy security, promote investment in energy infrastructure, and expand clean energy cooperation. The US has also been supporting India's bid to join the Nuclear Suppliers Group (NSG) and the United Nations Security Council (UNSC). However, there have been some challenges in the relationship, particularly in trade. In 2018, the US imposed tariffs on steel and aluminium imports from India, and India responded by imposing retaliatory tariffs on US goods. The US has also been critical of India's intellectual property rights (IPR) regime and has raised concerns about market access issues in sectors like dairy and medical devices. And speaking of concerns, let’s move over to China. India's economic relationship with China is complex. China is India's largest trading partner, with bilateral trade between the two countries reaching $87.6 billion in 2020. China is also one of the largest investors in India, with cumulative FDI of over $9 billion in sectors like automobile, electronics, and renewable energy. However, the relationship has been strained in recent years due to border disputes and geopolitical tensions. In 2020, India and China engaged in a military standoff along their disputed border, which led to the deaths of several Indian soldiers. India responded by banning several Chinese apps, including TikTok and WeChat, citing national security concerns. The two countries have also been competing for influence in South Asia, with China investing heavily in countries like Sri Lanka and Pakistan. Despite the tensions, there have been some efforts to improve the economic relationship between India and China. Also, in the Asia-Pacific region, Japan is one of India's closest economic partners in Asia. Bilateral trade between the two countries reached $17.8 billion in 2020, with Japan being India's fourth-largest trading partner. Japan has also been a major source of FDI for India, with cumulative investment of over $33 billion in sectors like automobiles, infrastructure, and pharmaceuticals. Going over to the European Union. The EU is India's largest trading partner, with bilateral trade between the two reaching $107.3 billion in 2020. The EU is also one of the largest investors in India, with cumulative FDI of over $95 billion in sectors like automotive, telecommunications, and pharmaceuticals. As for Russia, India and Russia have a long-standing strategic partnership, and economic ties between the two countries have been growing steadily. Russia is one of India's major trading partners, with bilateral trade between the two countries reaching $11 billion in 2019. India primarily imports crude oil and petroleum products, precious stones, metals, and fertilizers from Russia, while exporting pharmaceuticals, tea, coffee, spices, and tobacco. India and Russia have also been exploring opportunities for collaboration in sectors such as defence, energy, and space. One of the key projects between India and Russia is the construction of the Kudankulam Nuclear Power Plant in Tamil Nadu, which is being built with Russian assistance. The two countries also signed a deal to build six more nuclear reactors in India during Russian President Vladimir Putin's visit to India in 2019. #indiatrade #indiausrelations #indiarussia #globaltrade #indiajapan #strategicpartnership #traderelations #internationalrelations #indiaatg7 #g7 #g7summit #g7summit2023 Subscribe to The Times of India's YouTube channel: http://goo.gl/WgIatu For daily news & updates and exclusive stories, follow the Times of India Facebook: https://www.facebook.com/TimesofIndia Instagram: https://www.instagram.com/timesofindia/ Download the app: http://toi.in/3SLUCa80 Follow TOI+ for well-researched and in-depth news and analysis Facebook: https://www.facebook.com/timesofindiaplus Twitter: https://twitter.com/TOIPlus Instagram: https://www.instagram.com/toi_plus/ [ZUKh3ncQmnY] |
| Category | News & Politics |
| Tags | trade relations of india with usa | trade relations between india and china | international trade relations | indian trade relations | times of india | headlines news | news today | morning news | india news | viral news | viral video | india trade relations | india trade relations with japan | india trade relations with major powers | Foreign trade of India | India's International Trade Relations | india us trade relations | india russia trade relations | EU trade relations with India |
