J D Vance visit, bilateral trade and how to deal with China | Current Affairs | Vision IAS

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J D Vance visit, bilateral trade and how to deal with China

2 min read

US-India Trade Relations Amid Global Trade Uncertainty

The visit of US Vice President J D Vance to India is taking place during a period of global trade tensions, highlighting the significance of political backing for a potential US-India trade agreement.

Progress in Trade Negotiations

  • Both countries have made "significant progress" in trade negotiations.
  • The upcoming visit by Indian officials to the US, led by Chief Negotiator Rajesh Agarwal, focuses on negotiating 19 chapters, including: 
    1. Tariff and non-tariff barriers.
    2. Rules of origin.
  • The White House aims to enhance bilateral trade and supply chain integration in a balanced and mutually beneficial manner.

Global Trade Context

  • More than 75 countries have expressed interest in new trade deals with the US.
  • US Treasury Secretary Scott Bessent prioritizes India, along with Japan, South Korea, Australia, and the UK, for new trade deals.
  • Japan has already engaged in discussions with US officials, expanding the scope to include non-tariff issues.
  • South Korea is also holding talks with the US.
  • US-China relations: President Trump mentions "nice conversations" with China, but Beijing warns against countries entering trade deals with the US at its expense.

India-China Trade Relations

  • In 2023-24, India-China bilateral trade reached $118.4 billion.
  • China remains central to global manufacturing supply chains.
  • A trade deal with the US should not be viewed as adversarial to China.
  • The complex trade dynamics require careful handling by India.
  • Tags :
  • Global Economy
  • US-India Trade Relations
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