(Image source from: financialexpress.com)
According to experts, with Biden taking over, life for India won’t change drastically as his ideas and strategies on business are quite similar to Trump.
He doesn’t agree to Trump’s policies of encouraging offshoring and overseas investments. He is quite driven on “Made in all of America by all of American workers”, with an intention of not encouraging goods from China.
Biden believes that investing on technology and providing workers with essential tools required to compete would boost the American innovation.
This would improve opportunities for Americans and put an end to unfair trade practices. Above all, most of the imported products can be made in America.
According to trade experts, the Trans-Pacific Partnership agreement that was abandoned might come back on the priority list and New Delhi might be pressurized to join the trade.
India had avoided TPP for years, as per Abhijit Das, the Centre for WTO Studies at the Indian Institute of Foreign Trade, “It (TPP) is the biggest threat since agreeing to a deal in these areas will undermine our stand at the WTO”.
For the exporters, the next question that would arise is whether Biden will restore the generalized system withdrawn by Trump.
While the Government has decided to give less attention to the impact of preferential tarrifs on India’s exports to the US, it is particular about benefiting from the market access for some of India’s farm products. Further they had reduced duties on several products, including Harley Davidson bikes.
Even when there were trade negotiations with Indian officials, Robert Lighthizer, US Trade Representative in Trump regime was always stern on looking at the benefits of American Businesses. It is likely to be the same scenario in Biden’s time too.
By Neha Makhija