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Consider the following statements regarding India's trade negotiations and agreements:
1. India's trade deficit with ASEAN has grown significantly, reaching approximately US$ 44 billion in 2023.
2. The Comprehensive Economic Partnership Agreement (CEPA) with the UAE resulted in a decrease in India's trade deficit with the UAE.
3. India is reviewing its trade agreement with ASEAN to address tariff asymmetries and reduce trade deficits.
Which of the statements given above is/are correct?
- a)1 Only
- b)1 and 3 Only
- c)1 and 2 Only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding India's trade negotiation...
To determine the correct answer, let's evaluate each statement independently based on the provided information:
1. Statement 1: "India's trade deficit with ASEAN has grown significantly, reaching approximately US$ 44 billion in 2023."
- This statement is correct. The data indicates that India's trade deficit with ASEAN has indeed expanded to about US$ 44 billion in 2023.
- This statement is correct. The data indicates that India's trade deficit with ASEAN has indeed expanded to about US$ 44 billion in 2023.
2. Statement 2: "The Comprehensive Economic Partnership Agreement (CEPA) with the UAE resulted in a decrease in India's trade deficit with the UAE."
- This statement is incorrect. The CEPA with the UAE actually led to an increase in India's trade deficit with the UAE, with the gap widening significantly after the agreement came into effect.
- This statement is incorrect. The CEPA with the UAE actually led to an increase in India's trade deficit with the UAE, with the gap widening significantly after the agreement came into effect.
3. Statement 3: "India is reviewing its trade agreement with ASEAN to address tariff asymmetries and reduce trade deficits."
- This statement is correct. India is indeed reviewing its trade agreement with ASEAN, focusing on tariff asymmetries that have contributed to the trade deficit.
- This statement is correct. India is indeed reviewing its trade agreement with ASEAN, focusing on tariff asymmetries that have contributed to the trade deficit.
Given this analysis, the correct statements are 1 and 3. Therefore, the correct answer is Option B: 1 and 3 Only.
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Community Answer
Consider the following statements regarding India's trade negotiation...
Overview of India's Trade Negotiations and Agreements
In assessing the statements regarding India's trade negotiations and agreements, we can evaluate their accuracy as follows:
Statement 1: Trade Deficit with ASEAN
- Accurate: India's trade deficit with ASEAN indeed grew significantly, reaching approximately US$ 44 billion in 2023. This highlights the increasing imbalance in trade between India and ASEAN nations.
Statement 2: CEPA with UAE
- Accurate: The Comprehensive Economic Partnership Agreement (CEPA) with the UAE has led to a reduction in India's trade deficit with the UAE. This agreement facilitated greater market access and bilateral trade, which improved the trade balance.
Statement 3: Review of Trade Agreement with ASEAN
- Accurate: India is currently reviewing its trade agreement with ASEAN. The objective of this review is to address tariff asymmetries and mitigate the growing trade deficit. This indicates India's proactive approach to enhancing trade relations and addressing imbalances.
Conclusion
Since all three statements are correct, the appropriate answer should have been "d) 1, 2, and 3." However, the correct answer is given as option 'b', which indicates potential misinformation or an error in the options provided.
In summary, all statements reflect the current landscape of India's trade negotiations and agreements accurately.
In assessing the statements regarding India's trade negotiations and agreements, we can evaluate their accuracy as follows:
Statement 1: Trade Deficit with ASEAN
- Accurate: India's trade deficit with ASEAN indeed grew significantly, reaching approximately US$ 44 billion in 2023. This highlights the increasing imbalance in trade between India and ASEAN nations.
Statement 2: CEPA with UAE
- Accurate: The Comprehensive Economic Partnership Agreement (CEPA) with the UAE has led to a reduction in India's trade deficit with the UAE. This agreement facilitated greater market access and bilateral trade, which improved the trade balance.
Statement 3: Review of Trade Agreement with ASEAN
- Accurate: India is currently reviewing its trade agreement with ASEAN. The objective of this review is to address tariff asymmetries and mitigate the growing trade deficit. This indicates India's proactive approach to enhancing trade relations and addressing imbalances.
Conclusion
Since all three statements are correct, the appropriate answer should have been "d) 1, 2, and 3." However, the correct answer is given as option 'b', which indicates potential misinformation or an error in the options provided.
In summary, all statements reflect the current landscape of India's trade negotiations and agreements accurately.
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Consider the following statements regarding India's trade negotiations and agreements:1. India's trade deficit with ASEAN has grown significantly, reaching approximately US$ 44 billion in 2023.2. The Comprehensive Economic Partnership Agreement (CEPA) with the UAE resulted in a decrease in India's trade deficit with the UAE.3. India is reviewing its trade agreement with ASEAN to address tariff asymmetries and reduce trade deficits.Which of the statements given above is/are correct?a)1 Onlyb)1 and 3 Onlyc)1 and 2 Onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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