Economic Security and Resilience Review
Date: April 03, 2025
Transformational developments taking place under the Trump administration on trade, tariffs and related issues are the key focus in this month’s Review, which begins by drawing attention to the USTR’s Trade Policy Agenda for 2025 premised on reciprocity and rebalancing of trade, as against earlier concepts of comparative advantage and trade efficiency.
The Review then goes on to list the trade actions taken by the Trump administration in March 2025, to which some countries have retaliated while others are taking a more wait and watch approach.
This issue also tracks consultations among major trading nations on ways to cope with the evolving trade uncertainty, including a trilateral meeting of Trade Ministers of China, ROK and Japan, and meetings between the EU’s Trade Commissioner and Chinese counterparts.
Extensive discussions on trade and economic issues were held between India and the US during the month, following up on PM Modi’s summit meeting with President Trump in February. Commerce and Industry Minister Piyush Goyal visited Washington from March 4-6, and Assistant USTR Brendan Lynch visited New Delhi from March 26-29. A broad understanding appears to be emerging on the next steps towards the first tranche of a Bilateral Trade Agreement that is slated to be completed by this Fall.
On the FTA front, progress was made at the tenth round of India-EU FTA negotiations held in Brussels from March 10-15, 2025. India and New Zealand decided to relaunch FTA negotiations.
Finally, this issue covers important developments in India’s economy, including the Union Cabinet’s approval for a PLI scheme on electronic component manufacturing, and the passage of legislation for the oil and gas exploration sector.
To read this issue of the ESRR, Vol. III, Issue 3, please see the PDF attached
The Review then goes on to list the trade actions taken by the Trump administration in March 2025, to which some countries have retaliated while others are taking a more wait and watch approach.
This issue also tracks consultations among major trading nations on ways to cope with the evolving trade uncertainty, including a trilateral meeting of Trade Ministers of China, ROK and Japan, and meetings between the EU’s Trade Commissioner and Chinese counterparts.
Extensive discussions on trade and economic issues were held between India and the US during the month, following up on PM Modi’s summit meeting with President Trump in February. Commerce and Industry Minister Piyush Goyal visited Washington from March 4-6, and Assistant USTR Brendan Lynch visited New Delhi from March 26-29. A broad understanding appears to be emerging on the next steps towards the first tranche of a Bilateral Trade Agreement that is slated to be completed by this Fall.
On the FTA front, progress was made at the tenth round of India-EU FTA negotiations held in Brussels from March 10-15, 2025. India and New Zealand decided to relaunch FTA negotiations.
Finally, this issue covers important developments in India’s economy, including the Union Cabinet’s approval for a PLI scheme on electronic component manufacturing, and the passage of legislation for the oil and gas exploration sector.
To read this issue of the ESRR, Vol. III, Issue 3, please see the PDF attached
