India’s trade reliance on China and EU rising: UN trade body.
India’s trade reliance on China and EU rising: UN trade body.
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | April 1, 2024 | Economy
| Syllabus: GS-III; Subject: Economy, Topic: Trade and External sector, Issue: Trade Dependency. |
Context: India’s trade dependence on China and the EU is increasing as per UNCTAD.
Trade Statistics:
- Shift attributed to geopolitical changes post-pandemic and Russia-Ukraine conflict.
- India’s reliance on China and EU rose by 1.2%.
- This came despite India’s efforts to cut reliance on China by implementing its flagship
- Production-Linked Incentive (PLI) scheme and
- Quality Control Orders (QCOs)
- US decreased reliance on China by 1.2% in 2023, increasing ties with EU and Mexico.
Prelims Connect (Institutions in news)
| UNCTAD:
· The primary UN body for trade and development. · Established in 1964 by the UN General Assembly. · Aims to assist developing and least developed countries in integrating into the global economy. · Headquarters located in Geneva, Switzerland. Functions: · Works towards promoting global partnership for development and coherence in economic policy-making. · Provides economic analysis, consensus-building, and technical assistance for sustainable development. · Reports: Trade and Development Report, World Investment Report, and Least Developed Countries Report. |
Source: Indian Express
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