INVC NEWS
Beijing : According to an article written by China’s top diplomat and former foreign minister, Wang Yi, in the Global Times, he suggests that the strengthening relations between the United States and India are motivated by the U.S.’s desire to hinder China’s economic development. However, Wang Yi believes that this strategy will ultimately fail because India, or any other country, cannot surpass China in the global supply chain.
Wang Yi advises India to avoid being manipulated by America’s geopolitical agenda. He claims that the U.S. is pursuing its own interests by trying to contain China, but it is crucial for India’s development to increase trade and economic cooperation with China. Wang Yi argues that although American companies have been investing more in India, it is not feasible to completely detach prominent companies like Apple from China.
One of the major challenges in India’s business environment and industry supply chain, according to Wang Yi, is the market potential. He asserts that India’s trade with America will not significantly impact its trade with China. In fact, the more India exports to America, the more it will need to import from China. Wang Yi suggests that if India and America wish to enhance their trade and economic cooperation, they should address the issues between them, as targeting China will yield no benefits.
Wang Yi also notes that economic and trade cooperation between the U.S. and India is increasing. In the fiscal year from April 2022 to March 2023, the U.S. became India’s largest trading partner. India’s exports to America saw a clear increase of 2.81 percent, reaching $78.31 billion in 2022-23. However, India’s imports from China also rose significantly by 4.16 percent, reaching $98.51 billion. China continues to be India’s primary source of imports.
Please note that the views expressed in the article are attributed to Wang Yi and may not necessarily reflect the opinions of all parties involved.
