• UGI USER
  • Apr 01, 2024
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INDIA’S TRADE RELIANCE ON CHINA AND EU RISING: UN TRADE BODY

Why in the news ?

UNCTAD report reveals India’s growing trade reliance on China and the EU amidst global geopolitical shifts.

About the Rising Reliance on China and EU:

  • UNCTAD report highlights India’s increasing trade dependence on China and the European Union.
  • Despite efforts to reduce reliance through schemes like PLI and QCOs, India’s dependence on China and the EU grew by 1.2%.
  • Shift attributed to global trade realignment post-pandemic and Russia-Ukraine conflict.
source:scribd
About the United Nations Conference on Trade and Development (UNCTAD):

●   UNCTAD: UN’s leading trade and development institution.

●   Established in 1964 by the UN General Assembly.

●   Supports fair access to the global economy for developing nations.

●   Provides economic analysis, consensus-building, and technical assistance.

●   HQ: Geneva, Switzerland.

●   Key reports: Trade and Development Report, World Investment Report, The Least Developed Countries Report.