Economic Security and Resilience Review
The November issue of ESRR continues to track the ongoing developments in respect of reciprocal tariffs imposed by the Trump administration and the parallel rollout of U.S. trade agreements. During the month, the US concluded framework agreements with four Latin American economies as well as with Switzerland and Liechtenstein. At the same time, concerns over domestic inflation prompted tariff exemptions for several essential agricultural imports—particularly commodities insufficiently produced in the United States—creating potential openings for Indian agricultural exporters.
Despite indications of sustained bilateral engagement, there is still no clarity on the timeline for finalizing a U.S.–India trade agreement. India’s public sector companies signed a one-year structured contract to import approximately 2.2 MTPA of LPG from the U.S. Gulf Coast in 2026.
Meanwhile, both the European Union and Indonesia are facing difficulties in converting previously negotiated understandings with the United States into formal trade agreements. Divergent approaches to digital regulation-especially those affecting major U.S. technology firms-appear to be a core impediment.
This month’s ESRR also outlines key recommendations of the U.S.–China Economic and Security Review Commission’s 2025 report, several of which hold relevance for India’s own economic security planning.
At COP-30 of the UNFCCC, there was a notable shift on trade-related climate governance. Following strong interventions by India, China, and other developing countries regarding unilateral trade measures-such as the EU’s CBAM-Parties agreed, for the first time, to initiate high-level dialogues on the interface between trade and climate policy in the coming months.
At the G20 summit hosted by South Africa, Prime Minister Modi called for establishing a G20 Critical Minerals Circularity Initiative, while the announcement of an Australia–Canada–India trilateral technology and innovation partnership marked another significant development on the sidelines of the summit.
Two emerging international initiatives in the metals sector warrant close monitoring by India: the OECD’s new effort to address global steel overcapacity, aiming for a joint policy framework by June 2026, and the European Commission’s exploratory steps toward restricting aluminium scrap exports. Both could have material implications for India’s steel and aluminium industries.
Finally, the issue also covers the WTO Director-General Dr. Ngozi Okonjo-Iweala’s keynote address at a CII event in Visakhapatnam on November 14, where she urged India to assume a leadership role in advancing WTO reform and reaffirmed the importance of a rules-based global trading system. She also held discussions with Prime Minister Modi, a week later, on the margins of the G20 summit in Johannesburg.
To read this issue of the ESRR, Vol. III, Issue 11, please see the PDF attached.
