Siding with Washington, policymakers in Europe are also deliberating having a ‘united front’ to counter China’s pursuit of coercive economic practices. The reason is that India’s manufacturing continues to be in a catching-up phase despite several initiatives by the government. New Delhi faces tough competition in low-end manufacturing from its South and South-East Asian neighbours, and its deep economic entanglements with China remain. More than its real significance, global investors would deeply feel the psychological effects of decoupling. Once a flag bearer of WTO rules, Washington continues to block the appointment of judges to the WTO Appellate Body, rendering the adjudicatory process paralysed.

Source: The Hindu June 19, 2024 01:08 UTC