The rise of Asian region is linked with peace and stability also needs the cooperation of India and China which enables all asian countries to prosper together. Analyse (200 Words)
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· The liberal trading order has encountered protectionism in the form of tariff and non-tariff barriers, which explains why India’s service exports which touch $29.6 billion in the U.S. market, and pharma products, especially generic drugs, which account for 20% of global generic medicines.
· Movement of talent and the services sector, important for India, have not received satisfactory attention. Many of these concerns are central to India’s position on the Regional Comprehensive Economic Partnership (RCEP).
· The momentum in manufacturing activity has weakened to levels unseen since the global financial crises. Key anchors in the global economy, including China, are experiencing a slowdown.
· Global engines of economic growth over the past three decades have shifted to Asia, first to the Asia-Pacific and now, more broadly, to the Indo-Pacific region that includes South Asia.
Shaping trade, economy
· India is also transforming into a knowledge-based, skill-supported and technology-driven society. A liberal FDI regime combined with a youthful demographic profile makes India an attractive destination. India attaches great importance to its relations with China, a large trade partner in goods.
· Since 2015, there has been a spurt in Chinese FDI in India (at around $8 billion). There is great scope for China to participate in flagship initiatives such as the ‘Smart Cities Mission’ and ‘Skill India’ programmes.
· Bilateral trade today is approximately $95 billion. India faces a huge and rising trade imbalance. The decision at the Mamallapuram Summit, in October, to set up a new mechanism to discuss the trade imbalance, is aimed at addressing this issue.
· The “India-China Plus One” framework, China and India could explore the potential to work together on Asian infrastructure and connectivity development on the basis of equality and an open and transparent model under the Asian Infrastructure Investment Bank (AIIB).
· It must be remembered that Asia’s rise is predicated on peace and stability. It is a sad fact that a stable regional security architecture has yet to emerge organically in Asia.
Chinna 5 years
Kindly review...thank you...
IAS Parliament 5 years
Try to include some data about bilateral trade. Keep Writing.
Shivangi 5 years
Please review.
IAS Parliament 5 years
Good attempt. Keep Writing.
Vendhan 5 years
T k
IAS Parliament 5 years
Try to include about India-China plus one framework, bilateral trade. Keep Writing.
Abhilasha 5 years
Please review it.
IAS Parliament 5 years
Try to include about India-China plus one framework, bilateral trade. Keep Writing.
