• UGI USER
  • Jan 18, 2024
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World Economic Forum Annual Meeting 2024

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News

  • At the 2024 World Economic Forum Annual Meeting, US Secretary of State Antony Blinken praised India as an extraordinary success story and he emphasized how the people of India have benefited from Prime Minister Narendra Modi’s policies and initiatives.
  • Driven by shared democratic values, convergence of interests on a range of issues, and vibrant people-to-people contacts, India and the United States enjoy a comprehensive global strategic partnership spanning almost all areas of human endeavor and the various areas of collaboration between India and the US includes the areas of trade, economic relations, cyber security, security, and defense.

About WEF

  • Founded in 1971, the WEF is a Geneva, Switzerland-based nonprofit organization.
  • Acknowledged as the global hub for public-private collaboration by Swiss authorities.
  • Goal: Dedicated to enhancing global conditions by involving academic, business, political, and other leaders of society in shaping regional, national, and industry agendas.
  • Some major reports published by WEF are:
    • Energy Transition Index;
    • Global Competitiveness Report;
    • Global IT Report (WEF along with INSEAD, and Cornell University publishes this report);
    • Global Gender Gap Report;
    • Global Risk Report;
    • Global Travel and Tourism Report.

India – USA Relations

  • Both nation share common values such as commitment to democracy and preserving the rules-based international system form the basis of the U.S.-India strategic partnership.
  • They both have an interest in using trade, investment, and connectivity to advance international security, stability, and economic prosperity.
  • Economic Relations:
    • Due to the two nations’ growing economic ties, the United States has become India’s largest trading partner in 2022–2023;
    • Compared to USD 119.5 billion in 2021–2022, the bilateral trade between the United States and India increased by 7.65% to USD 128.55 in 2022–2023;
    • While imports increased by roughly 16% to USD 50.24 billion, exports to the United States increased by 2.81% to USD 78.31 billion in 2022–2023 as opposed to USD 76.18 billion in 2021–2022.
  • International Cooperations:
    • India and the US maintain close ties with several multilateral organizations, such as the World Trade Organization, World Bank, ASEAN Regional Forum, G-20, International Monetary Fund, and United Nations;
    • Additionally, India is one of twelve nations that collaborate with the US on the Indo-Pacific Economic Framework for Prosperity (IPEF);
    • The United States is also a dialogue partner of the Indian Ocean Rim Association (IORA), of which India is a member. The United States joined the International Solar Alliance (headquartered in India) in 2021.
  • Defense collaboration:
    • It includes war exercises such as Tiger Triumph, Vajra Prahar, Yudh Abhyas, Cope India, and Malabar Exercise. The Defence Technology and Trade Initiative (DTTI) promotes co-development and co-production;
    • Basic accords such as GSOMIA, LEMOA, COMCASA, and BECA improve military data sharing, logistics coordination, interoperability, and security between the two nations.
  • The US-Indian relationship has enormous potential for advancing both countries’ national interests as well as for influencing global governance, fostering peace, and tackling common issues. The course of the geopolitical environment in the twenty-first century will surely be affected if this partnership is strengthened going forward.

 

 

Source: newsonair

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