India is considering the reduction of trade and investment restrictions on China, following the rise of bilateral trade to $118.4 billion in FY24, making China its biggest trading partner, even amid existing US tariff tensions.

In the 2023 fiscal year, the bilateral trade between China and India reached $118.4 billion, positioning China as India’s leading trading partner, surpassing the United States. Despite ongoing trade restrictions, the relationship between India and China in terms of trade remains robust. This development occurs against the backdrop of the United States imposing tariffs, prompting India to consider easing some of its trade and investment barriers with China.

In summary, India’s contemplation of relaxing trade and investment restrictions on China highlights the significance of their growing bilateral trade, which has now eclipsed that with the United States. This decision could reshape the economic landscape between these two nations amidst the prevailing US tariff tensions.

Original Source: www.moneycontrol.com

Related posts:

Surge in HMPV Cases in Malaysia Sparks Vigilance in Asia Surge in HMPV Cases Triggers Response in Malaysia and India Trump Announces Reciprocal Tariffs Against India and China, Citing Unfair Practices Jaishankar Discusses India’s Navigation of US, Russia, and China under Trump’s Global Order