Which of the following countries is Indias top trading partner in 2019-20?a)USAb)Chinac)UAEd)Saudi Arabiae)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer?

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Which of the following countries is India's top trading partner in 2019-20?

a)
USA
b)
China
c)
UAE
d)
Saudi Arabia
e)
None of the above/More than one of the above

Correct answer is option 'A'. Can you explain this answer?

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Which of the following countries is Indias top trading partner in 2019...

The correct answer is USA.

The USA remained India's top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the two countries.
In 2019-20, the bilateral trade between the USA and India stood at USD 88.75 billion as against USD 87.96 billion in 2018-19.
In 2018-19, the USA surpassed China to become India's top trading partner.
The USA is one of the few countries with which India has a trade surplus.
The bilateral trade between India and China has dipped to $81.87 billion in 2019-20 from $87.08 billion in 2018-19.
The Government of India is also considering certain steps like framing technical regulations and quality control orders for a host of items with a view to cut import dependence on China and boost domestic manufacturing.
India and the US are negotiating a limited trade pact with a view to iron out differences on the trade front and boost commercial ties.
India is seeking relaxation in the US visa regime, exemption from high duties imposed by the US on certain steel and aluminum products, and greater market access for its products from sectors such as agriculture, automobile, automobile components, and engineering.
On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items, medical devices, and data localization, apart from a cut on import duties on some information and communication technology products.

Answered by Notes Wala · View profile

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