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New Delhi’s decision not to join the trade pillar of the US-led initiative once again underlines India’s edginess about plurilateral cooperation
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"To my mind, he (Trump) is negotiating... he seems to be throwing bombs in all directions and that is what is creating chaos," SpiceJet Chairman and Managing Director Ajay Singh said.
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Just days ahead of Trump taking office, a self-assured Xi was in Switzerland as the keynote speaker at the World Economic Forum in Davos, offering a vigorous defence of globalisation and signalling Beijing's desire to play a bigger role on the world stage.
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"The rollback of TPP should be of some relief to India since this mega regional trade agreement was threatening to re-write the trade rules, most of which were inimical to India's interests," Trade economist and Professor at Jawaharlal Nehru University Biswajit Dhar said.
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But by cancelling it Trump has shown he is focused on following a protectionist agenda. The key takeaway from cancelling TPP is we are heading for trade wars as countries would like to protect their companies and jobs.
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US President Donald Trump's decision to scrap the proposed multinational Trans-Pacific Partnership (TPP), billed as having potential to add hundreds of billions of dollars to world trade, could kickstart a trend that pummels the world into recession, according to an analyst.
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"You've got other countries with significant economies, and growing economies, where the US already does business, but US businesses and US workers are going to be put at a disadvantage because we don't benefit from the kinds of opportunities that are created by the TPP," he said.
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70-year-old Trump, in his first video-message after being elected as the President of the US, described the TPP as a "potential disaster" for America and said he will quit the deal on the first day in office.
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"Right now, China is pushing hard to create their own trading regime out in Asia. And I promise you that China is not going to be setting up a bunch of rules that are going to be to the advantage of American companies and American businesses," Obama said.
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According to the report 'Indian Pharmaceutical Industry: Challenges and Prospects', even as the domestic pharmaceutical industry has acquired a noteworthy position in the global markets, there are various challenges faced with regard to the changing regulatory environment and slowdown in trade.
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Clinton said instead of causing large-scale misery and shrinking the economy, the country should pass sensible immigration reform with a path to citizenship.
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Nirmala Sitharaman, however, said that the country is preparing itself to deal with the adverse impact of the Trans Pacific Partnership (TPP), a mega trade deal among 12 countries, including the US.
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Commerce Minister Nirmala Sitharaman says the pact between 12 nations in the Pacific Rim, including the United States, will have an impact on India's exports.
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"We need to review them. We need to renegotiate them," Commerce and Industry Minister Nirmala Sitharaman said here at the CII's Partnership Summit.
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Listing out the Commerce Ministry's hits and misses for its first full calendar year in office, Commerce Minister Nirmala Sitharaman said the government's steps on foreign trade policy as well as incentives to boost exports were notable steps but listed the continuous fall in exports nonetheless as a disappointment.
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TPP: Could India Stand To Lose?
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"The key nations out of the 12 countries which India exports textile and apparels to are US, Japan and Canada. The value of India's textile and apparel exports to these three countries stood at USD 11.5 billion in FY15 which is likely to reduce due to the TPP
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The impact of the Trans-Pacific Partnership (TPP) struck last week between 12 nations, which include the United States but not India, is still being studied by Indian drug makers.
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"TPP is a trade agreement that will open markets and enable countries like Vietnam a zero-duty access to the US market for textiles while Indian players will have to pay 14-32 percent duty, which will make it uncompetitive. It would have been much better had India too joined TPP," the CII-Wazir Advisors report said.
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The TPP, an ambitious idea pushed hard by President Barack Obama's administration, would address the "21st century trade issues" such as intellectual property protections, digital trade rights and protections for investors.
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The Indian market started trade on a strong footing and it is likely to continue the same today. The SGX Nifty, an indicator of the market opening, was trading at 8206, up 66 points at 7:15 hours.
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Mecklai graph of the day: The deprecating yen has invigorated the exports of Japan moving it towards reducing the trade deficit that Japan is trying so desperately to rid itself of.
