Hindi English Translation || Editorial || Breaking the ice: On India-U.S. trade ties

Breaking the ice: On India-U.S. trade ties

Reviving (पुनरुज्जीवित करना, नवीकृत करना) the U.S.-India Trade Policy Forum is a chance to break vicious cycle (दुष्चक्र, विषम चक्र) in economic ties (संबंध, योजक रेखा)

On her maiden (first) visit to Asia, U.S. Trade Representative Katherine Tai held bilateral (द्विपक्षीय, दो समूहों या देशों को शामिल करना) meetings with Commerce and Industry Minister Piyush Goyal and relaunched the U.S.-India Trade Policy Forum (TPF) (Established in 2005, the U.S.-India Trade Policy Forum (TPF) seeks to resolve outstanding bilateral issues between the two countries and promote trade and investment through focused discussions under various working groups such as on agriculture, tariff and non-tariff barriers, services, investment and innovation. It met last in October 2017). A lot has transpired (happen, occur, take place) in the Indo-U.S. economic partnership in the four years since the TPF was last convened — from machinations (साज़िश, योजनाएं, भूखंड) towards a free-trade agreement (निःशुल्क व्यापार समझौता) to the failure to even reach a mini-trade deal towards the latter half of the Donald Trump administration days. Instead of progress, there were setbacks (नाकामयाबी, समस्या, कठिनाई), including raised import tariffs (a tax imposed by one country on the goods and services imported from another country) and the withdrawal (निष्कासन, निकासी) of benefits to Indian exporters under the U.S.’s Generalized System of Preferences (GSP) which triggered (cause, produce, bring about, prompt) retaliatory (प्रतिशोधी, मुंहतोड़, बदला लेने वाला) trade barbs (insult, sneer, jibe, cutting remark, affront, rebuff). That marquee (greatest, important, major) American businesses (Harley-Davidson and Ford) have left India has not helped optics (the way in which something (political action/situation) is recognized by the general public), even if their motivations may not have been solely (पूरी तरह से, अकेले, केवल) linked to difficult trade norms (आदर्श, मानक, सम्मेलन). With the Joe Biden administration shutting the door on new trade pacts and being cold (सर्दी, ठंड) to restoring the GSP status, India must be ruing (पछताना, शोक करना, अफसोस करना) the hard stances (position, approach, standpoint) that scuttled ((intentionally) cause something to fail) the chances of sealing a deal (to finalize the deal; to come to an agreement) in the Trump era. Ms. Tai’s visit offers a fresh reset (re-establish (ties); re-establishing) chance. GSP restoration, she has said, could be considered, while nudging (push, prod, encourage, prompt) India to set targets for tariff reductions and easing market access across sectors. The TPF statement also outlines the sectors and goods and services that need quick attention.

Whatever misgivings may have existed at the beginning of the Biden administration, Ms. Tai’s visit, that follows trips by key U.S. Secretaries, indicates U.S. interest (a particular (common) concern, especially in politics or business) in engaging (involve, participate, take part (in a (diplomatic) talk/discussion with someone)) with India in significant spheres (an area of activity; a field of activity; domain, realm). That it looks at (view, regard, consider, think of, deem, judge) India as a key partner in rebuilding critical supply chains in a post-pandemic (the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area) world seeking to cut (reduce, decrease, lessen) its dependence on China, is clear from its desire for integration in areas such as health, medical devices and pharma. India’s pharma exports account for 40% of the U.S.’s generic drugs (unbranded drugs; copies of brand-name drugs that contain the same chemical substance as a drug that was originally protected by chemical patents) supply and Ms. Tai has assuaged its concerns about delays in U.S. regulatory (governmental, supervisory) inspections of pharma units. Her plain-speaking (frankness, outspokenness) that Indo-U.S. trade never really lives up to its potential (possibilities, potentiality, prospects) and references to India’s unpredictable regulatory shifts, tariff- and non-tariff barriers as her priorities, suggests these talks have begun from a place more grounded (sensible, well balanced) in realism (pragmatism, practicality, matter-of-factness). This should serve as a wake-up call (something which alerts a person to a problem and makes him/her to do some remedial action) for the Government about its trade posture and spur (stimulate, encourage, prompt, galvanize) a more open approach towards a market that will remain the most critical, irrespective of (notwithstanding, without regard for, regardless of) the trade deals it is seeking with other nations. While America’s stance on India’s proposal on IPR waivers (deferral, rejection, renunciation (with no stipulations/restrictions)) for the COVID-19 vaccine (a biological preparation that improves immunity to a particular disease) and medicines will be watched at the upcoming WTO ministerial, India must seize (grab, grasp, take hold of) this fresh initiative with the U.S. to cement (bond, join, connect) its place in the new supply chains being envisaged. For starters (first of all, to start with), it must pro-actively steer away (avoid, sidestep, keep away from) from the protectionism (the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition) that is leading the globalised world adrift (lost, off track, disoriented/confused).

Courtesy: The Hindu

Important Word List With Meaning

1.ties (noun)

Hindi Meaning - संबंध, योजक रेखा
English Meaning - association, relationship, connection.

2.revive (verb)

Hindi Meaning - पुनरुज्जीवित करना, नवीकृत करना
English Meaning - restore, revitalize, renew, bring back.

3.vicious cycle (noun)

Hindi Meaning - दुष्चक्र, विषम चक्र
English Meaning - also known as a vicious circle; a chain of negative events reinforce themselves. The situation spirals in a downward loop, becoming increasingly worse with time. A situation in which the solution to one problem creates a chain of problems, each making it more difficult to solve the original one.

4.bilateral (adjective)

Hindi Meaning - द्विपक्षीय, दो समूहों या देशों को शामिल करना
English Meaning - involving two groups or countries.

5.machinations (noun)

Hindi Meaning - साज़िश, योजनाएं, भूखंड
English Meaning - schemes, plots, tricks, tactics, plans, intrigues.

6.free trade (noun)

Hindi Meaning - मुक्त व्यापार
English Meaning - a policy to eliminate barriers/limits/regulations against imports and exports.

7.free trade agreement (FTA) (noun)

Hindi Meaning - निःशुल्क व्यापार समझौता
English Meaning - an agreement between two or more countries designed to reduce or eliminate certain barriers to trade and investment, and to facilitate stronger trade and commercial ties between participating countries.

8.setback (noun)

Hindi Meaning - नाकामयाबी, समस्या, कठिनाई
English Meaning - problem, difficulty, issue.

9.withdrawal (noun)

Hindi Meaning - निष्कासन, निकासी
English Meaning - removal.

10.Generalised System of Preferences (GSP) (noun)

Hindi Meaning - वरीयता की सामान्यीकृत प्रणाली
English Meaning - The Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic growth in the developing world by providing preferential duty-free entry for thousands of products from 129 designated beneficiary countries and territories.

11.retaliatory (adjective)

Hindi Meaning - प्रतिशोधी, मुंहतोड़, बदला लेने वाला
English Meaning - revenging, vengeful, avenging.

12.solely (adverb)

Hindi Meaning - पूरी तरह से, अकेले, केवल
English Meaning - only, totally.

13.norm (noun)

Hindi Meaning - आदर्श, मानक, सम्मेलन
English Meaning - standard, convention, rules of conduct.

14.cold (adjective)

Hindi Meaning - सर्दी, ठंड
English Meaning - indifferent, unwelcoming, withdrawn, uncommunicative, unresponsive, unfeeling, unemotional, dispassionate, passionless.

15.rue (verb)

Hindi Meaning - पछताना, शोक करना, अफसोस करना
English Meaning - regret, be sorry about, feel apologetic about.

16.break the ice (phrase)

English Meaning - to start a conversation with someone you don’t really know.

17.the U.S.-India Trade Policy Forum (TPF) (noun)

English Meaning - Established in 2005, the U.S.-India Trade Policy Forum (TPF) seeks to resolve outstanding bilateral issues between the two countries and promote trade and investment through focused discussions under various working groups such as on agriculture, tariff and non-tariff barriers, services, investment and innovation. It met last in October 2017.

18.vicious (adjective)

English Meaning - terrible, dreadful, awful, dangerous.

19.maiden (adjective)

English Meaning - first.

20.transpire (verb)

English Meaning - happen, occur, take place.

21.tariff (noun)

English Meaning - a tax imposed by one country on the goods and services imported from another country.

22.trigger (verb)

English Meaning - cause, produce, bring about, prompt.

23.barb (noun)

English Meaning - insult, sneer, jibe, cutting remark, affront, rebuff.

24.marquee (adjective)

English Meaning - greatest, important, major.

25.optics (noun)

English Meaning - the way in which something (political action/situation) is recognized by the general public.

26.slam/shut the door on (phrase)

English Meaning - to refuse to consider/accept something (an idea, plan, solution, etc.) ; deny, reject, decline, spurn, dismiss (an idea/plan/solution).

27.stance (noun)

English Meaning - position, approach, standpoint.

28.scuttle (verb)

English Meaning - (intentionally) cause something to fail.

29.seal a deal (phrase)

English Meaning - to finalize the deal; to come to an agreement.

30.reset (verb/adjective)

English Meaning - re-establish (ties); re-establishing.

31.nudge (verb)

English Meaning - push, prod, encourage, prompt.

32.outline (verb)

English Meaning - indicate, delineate, give a rough idea of, summarize.

33.interest (noun)

English Meaning - a particular (common) concern, especially in politics or business.

34.engage (verb)

English Meaning - involve, participate, take part (in a (diplomatic) talk/discussion with someone).

35.sphere (noun)

English Meaning - an area of activity; a field of activity; domain, realm.

36.look at (verb)

English Meaning - view, regard, consider, think of, deem, judge.

37.supply chain (noun)

English Meaning - a dynamic network when a company purchases or uses goods or services from others. It involves people, information, processes, and resources involved in the production, handling, and distribution of materials and finished products or providing a service to the customer.

38.pandemic (noun)

English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

39.seek (verb)

English Meaning - try, aim, attempt.

40.cut (verb)

English Meaning - reduce, decrease, lessen.

41.account for (phrasal verb)

English Meaning - constitute, make up, comprise, form, compose, represent.

42.generic (adjective)

English Meaning - unbranded, untrademarked, non-proprietary.

43.generic drugs (noun)

English Meaning - unbranded drugs; copies of brand-name drugs that contain the same chemical substance as a drug that was originally protected by chemical patents.

44.assuage (verb)

English Meaning - relieve, alleviate, soothe, mitigate, tone down; satisfy, fulfil, gratify, appease.

45.regulatory (adjective)

English Meaning - governmental, supervisory.

46.plain-speaking (noun)

English Meaning - frankness, outspokenness.

47.live up to (phrasal verb)

English Meaning - satisfy, fulfil, achieve, meet.

48.potential (noun)

English Meaning - possibilities, potentiality, prospects.

49.tariff/trade barriers (noun)

English Meaning - taxes established by each country to restrict foreign trade.

50.non-tariff barriers (noun)

English Meaning - it refer to any measures, other than customs tariffs, that regulate imports or exports into a country. Non-tariff barriers include embargoes, sanctions, and levies.

51.grounded (adjective)

English Meaning - sensible, well balanced.

52.realism (noun)

English Meaning - pragmatism, practicality, matter-of-factness.

53.wake-up call (noun)

English Meaning - something which alerts a person to a problem and makes him/her to do some remedial action.

54.posture (noun)

English Meaning - position, approach, attitude, standpoint, view.

55.spur (verb)

English Meaning - stimulate, encourage, prompt, galvanize.

56.irrespective of (adjective)

English Meaning - notwithstanding, without regard for, regardless of.

57.intellectual property (noun)

English Meaning - a category of property that includes intangible (non-physical) creations of the human intellect. The most well-known types are copyrights, patents, trademarks and trade secrets.

58.intellectual property rights (IPRs) (noun)

English Meaning - the rights given to persons over the creations of their minds. The IPRs are legal rights that protect creations and/or inventions resulting from intellectual activity in the industrial, scientific, literary or artistic fields.

59.Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) (noun)

English Meaning - the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is the most comprehensive multilateral agreement on intellectual property (IP). It plays a central role in facilitating trade in knowledge and creativity, in resolving trade disputes over IP, and in assuring WTO members the latitude to achieve their domestic policy objectives. It frames the IP system in terms of innovation, technology transfer and public welfare. The Agreement is a legal recognition of the significance of links between IP and trade and the need for a balanced IP system.

60.waiver (noun)

English Meaning - deferral, rejection, renunciation (with no stipulations/restrictions).

61.vaccine (noun)

English Meaning - a biological preparation that improves immunity to a particular disease.

62.World Trade Organization (WTO) (noun)

English Meaning - an intergovernmental organization that is concerned with the regulation of international trade between nations.

63.seize (verb)

English Meaning - grab, grasp, take hold of.

64.cement (verb)

English Meaning - bond, join, connect.

65.envisage (verb)

English Meaning - expect, intend, propose, envision, contemplate.