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'Grow beyond frontiers…' Piyush Goyal pitches India-Sweden economic ties

'Grow beyond frontiers…' Piyush Goyal pitches India-Sweden economic ties

Time of India12-06-2025
The proposed India-European Union Free Trade Agreement (FTA) will be a great enabler, Union Commerce and Industry Minister Piyush Goyal has said, adding that India will be able to offer greater opportunities for Sweden.
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Friends & foes in an uncertain, shifting world
Friends & foes in an uncertain, shifting world

Hindustan Times

time29 minutes ago

  • Hindustan Times

Friends & foes in an uncertain, shifting world

President Donald Trump's coercive tariffs on India and indulgence of Pakistan have turned euphoria about India-US partnership under his leadership into bewildered dismay and rage. The sequence and the corrosive language suggest that tariffs are a manifestation and expression of problems beyond trade. It also betrays our lack of economic leverage unlike China's. Various reasons have been attributed to his decisions that do not bear repeating here. There is politicisation of the relationship in the US not seen in the past three decades, with the White House deputy chief of staff Stephen Miller, a Make America Great Again (MAGA) ideologue, joining the chorus of criticism on India's purchase of Russian oil. The Indian political and street mood is now, justifiably, furious at how the country has been treated by the US even as everyone realises the importance of that country and the bilateral relationship. (PTI) In India, there is domestic political impact due to the huge investment in the relationship; geopolitical ramifications because of the strategic bets we made in a shifting global environment; and, economic consequences from setback to exports and foreign direct investment (FDI) flows. Of equal concern is Pakistan. There have been multiple short-lived U-turns in the US-Pakistan relations that do not end well for either. But, every time US-Pakistan relations improve, Pakistan is emboldened in its military adventurism and terrorism against India. Pakistan also hopes to capitalise on President Trump's obsession with peace-making to inveigle him into mediating the 'Kashmir issue'. The government has been rightly firm on red lines for its sensitive sectors and sovereign choices, yet restrained in statements and open to negotiations. For a number of reasons, this is not a 1998 moment, but there are lessons from it. Amidst an absolute freeze then, India chose engagement over hostility. As then, this crisis is an opportunity to renegotiate the relationship with clarity and strength. Since the transformation of India-US relations began in 2000, there have been differences, including on ties with Russia, Iran, Afghanistan and Pakistan, that both sides have navigated. The challenge, perhaps, is that we are dealing with a president with no precedence. Engagement with the US must continue and a way forward is found, without compromising our national interests. The relationship has substance, multiple dimensions and strong institutional mechanisms to provide resilience. However, beyond the vulnerabilities arising from the vicissitudes of the relationship, broad global trends require an appraisal of our policies. The transformation of India-US relations started in an era of unipolar US power reinforced by a strong transatlantic partnership. China was still not a major power and considered amenable to integration into the western order. The US–Russia relationship had not reached the present level of hostility. That geopolitical space which allowed multidirectional relationships is shrinking. There is also the expectations gap, more visible in the mature state than in the period of courtship, between a less self-assured US with unipolar ambitions and neat allies-adversaries dichotomy, and a rising India of strategic autonomy and multipolar inclinations. The fissures were beginning to appear during the Biden era. But it was papered over because of the overriding objective of containing China based on the classic American foreign policy goals and strategy of both direct containment and involvement of formal and informal alliances that necessitated accommodation of differences. President Trump will deal directly with China and pursue a different set of goals with a range of possible outcomes. With allies, the relationships will be on independent tracks based on perceived grievances and extractive possibilities, as Japan, Korea, Australia and the EU have seen or Taiwan may experience. More broadly, he has diluted or dismantled the instruments of US engagement — trade, technology, investment, aid, education, mobility, soft power, institutional reinforcement, guarantees and commitments. Even as countries are trying to negotiate a least cost agreement in the short-term, there will be the inevitable hedging, diversification and regionalisation that will diminish American power and influence, including in the Indo Pacific. China has overtaken the US in influence and power in the Asean region. Russia has weathered the worst over the past three years. Europe, buffeted by three powers, is in search of strategic influence. Trump is accelerating the erosion of West-built global institutions. Brics today evokes more interest than western institutions. Multipolarity is a rising tide. In this world of change, India's pursuit of strategic autonomy is a stronger imperative. So, as we rebuild ties with the US, we must do so on realistic foundations. At the same time, we must reinvigorate and restructure our broader global engagement, including with Russia, China and Europe, beginning with our home that is Asia and the Indian Ocean. Consistent with our values, our position must also carry the moral weight of principles, as for example on the tragedy unfolding in Gaza, which will also increase our standing in the Global South. In trade, we must do all we can to ensure competitive access to the US market, but also hasten the pursuit of other destinations that together account for over 80% of India's exports. If India is to increase exports on scale, we must pursue major economic reforms at home; invest in people, innovation and technology; and integrate more into the global value chains (GFCs). There is strong correlation between high-quality free trade agreements and global value chains, which account for 50-70% of global trade. Potential critical and bottleneck products account for around 20% in global trade, with almost 66% of the share of the exports in these products originating from East Asia-Pacific. Global trade is transitioning from multilateralism to regionalism and bilateralism, accelerated by US policies since 2008. We are on that path, too. The scope and coverage of the UK comprehensive economic and trade agreement and our EU proposal reflect our new ambitions. We must also revisit our agreements with Asian powers and find a modus vivendi with China. The government's emphasis on energy security through renewable, hydrogen and nuclear sources and on digital sovereignty is the right course. Defence capabilities and indigenisation, already a high priority, need a stronger boost. Foreign collaborations must take into partners' history, policies and geopolitical positions, and create genuine capabilities in India, not technological dependencies. For India, this crisis is an opportunity to build its future and pursue the path to be the power we wish to be. Jawed Ashraf is a former Indian ambassador. The views expressed are personal.

Two senior Chinese ministers attend India's Independence Day reception in Beijing
Two senior Chinese ministers attend India's Independence Day reception in Beijing

Economic Times

timean hour ago

  • Economic Times

Two senior Chinese ministers attend India's Independence Day reception in Beijing

Ahead of Prime Minister Modi's likely visit to China for the SCO summit, senior Chinese ministers attended India's Independence Day reception in Beijing, marking the first such event since the pandemic and Ladakh standoff. Sun Haiyan expressed China's willingness to enhance mutual trust and cooperation with India for stable relations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Two senior Chinese ministers attended India's Independence Day reception in Beijing on gesture by the Chinese government comes ahead of Prime Minister Narendra Modi's likely visit to China for the annual summit of the Shanghai Cooperation Organisation later this Minister of Foreign Affairs Miao Deyu and Vice Minister Sun Haiyan of the International Department of the ruling Communist Party of China were the chief guests at a well-attended reception, held for the first time since the COVID-19 pandemic and over the year-long eastern Ladakh congratulated India and said that the relations between the two countries are currently maintaining a momentum of improvement and development, the International Department of the Communist Party said in a press is willing to work with India to implement the important consensus reached by the leaders of the two countries, enhance political mutual trust, expand exchanges and cooperation, and promote the healthy and stable development of relations, she Communist Party of China is willing to strengthen exchanges and dialogue with all political parties in India and play a positive role in improving and developing relations, she his address, Indian Ambassador to China Pradeep Kumar Rawat highlighted the importance of India-China relations."Our two peoples have played a significant role in shaping human history, and we have a significant responsibility to promote peace and development," he said."There is a need for India and China to work together to realise the aspirations of 2.8 billion people. Amid global uncertainties, relations between India and China are a factor of stability and balance," he said it was important for the two countries to have a balance in relations - whether it is political, economic or security, based on shared principles of mutual respect, mutual sensitivity and mutual he added, had witnessed "periods of great development and also of serious challenges".The presence of Vice Minister Sun at the reception assumed significance as earlier in the day, an international news agency reported that she had been detained for questioning by the presence at the reception, however, indicated the report was Rawat hoisted the tricolour as the Indian Embassy here celebrated the 79th Independence Day at a colourful ceremony attended by a large number of the diaspora Minister Modi is expected to attend the two-day summit of the Shanghai Cooperation Organisation starting on August 31 in Tianjin.

US says ties with India good despite Trump's tariff tantrums
US says ties with India good despite Trump's tariff tantrums

Time of India

time2 hours ago

  • Time of India

US says ties with India good despite Trump's tariff tantrums

TOI correspondent from Washington: The Trump administration on Friday maintained that the "historic relationship" between India and the US is "consequential and far-reaching" despite taking punitive steps over trade issues that shaken and undermined ties. The upbeat message came from the State Department on the occasion of India's Independence Day. While such statements are typically pro-forma, Secretary of State Marco Rubio said the two countries are "united by our shared vision for a more peaceful, prosperous, and secure Indo-Pacific region" and described the partnership as spanning industries, promoting innovation, pushing the boundaries of critical and emerging technologies, and extending into space. "Working together, the United States and India will rise to the modern challenges of today and ensure a brighter future for both our countries," he said. The statement, with its reference to Indo-Pacific security and a broader agenda, seemed to confirm the impression that the wide berth given to China by the Trump White House and its sudden embrace of Pakistan is largely tactical, and US-India ties remain on solid footing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kharadi's Only Fully-Automated Homes Codename Kharadi Plus Learn More Undo Key Indian officials have said on background that the White House and rest of the administration don't seem to be in sync because outside of the trade and tariff issue, it is business as usual on all other fronts, including close cooperation in critical security and mil-tech areas. Among other things, right in the middle of the trade spat, India and US conducted a joint space mission involving ISRO and NASA, launching the satellite NISAR (NASA-ISRO Synthetic Aperture Radar) on July 30 to monitor changes on Earth's land and ice surfaces and generate data for understanding natural hazards and climate change. Indian companies are also on track -- barring more mishaps -- to receive from nVidia advanced Blackwell chips for AI that the US has been blocked for China. The State Department issued a similar statement a day earlier on Pakistan's independence day but it was conspicuously narrower in scope, focusing on counterterrorism, trade, and exploiting Pakistan's purported resources. "The US deeply appreciates Pakistan's engagement on counterterrorism and trade. We look forward to exploring new areas of economic cooperation, including critical minerals and hydrocarbons, and fostering dynamic business partnerships which will promote a prosperous future for Americans and Pakistanis," the message said. According to knowledgeable sources, the White House's tactical embrace of Islamabad is largely driven by private business interests aimed at exploiting Pakistan's purported natural resources, including oil, gas, and minerals. A Trump family-backed firm with ties to the "Pakistan Crypto Council" that Islamabad drummed up out of the blue reportedly fired up new ardor in Trump White House for a country that President once said was a haven for terrorists. While the outreach is ostensibly aimed at drawing Pakistan out of the Chinese stranglehold, another new argument is that Washington needs Islamabad to counter Iran, the new US bogey now that Afghanistan has returned to the dark ages. But the American commentariat is largely unanimous in saying the White House move has badly damaged US-India ties, possibly irreparably despite the State Department's buoyant message on Independence Day. "Even if Trump again reverses course, the damage has been done. Indians believe that the United States has shown its true colors: its unreliability, its willingness to treat its friends badly. They will understandably feel that, to hedge their bets, they need to stay close to Russia — and even make amends with China," Fareed Zakaria, host of CNN's GPS program said on Friday, adding that the country is "united in its shock and anger at Trump's insulting behavior. "

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