Hindi English Translation || Editorial || Mutual benefit: On India-U.S. cooperation on trade

Mutual benefit: On India-U.S. cooperation on trade

Both India and the U.S. stand to gain by enhancing (बढ़ाना) cooperation on trade

Treasury Secretary Janet Yellen’s visit to India last week highlights (प्रकाश डालना, स्पष्ट करना) the renewed (नवीकृत, फिर से शुरू) focus in the U.S. on strengthening economic ties (संबंध) with Asia’s third-largest economy and ‘one of America’s indispensable (अपरिहार्य, अनिवार्य) partners’. The current global environment (वातावरण) with its macroeconomic (व्यापक आर्थिक), trade and strategic (रणनीति-संबंधी, सामरिक) challenges makes it all the more compelling (convincing, powerful, potent, strong, effective, reasonable) for the world’s two largest democracies to deepen (गहरा करना, बढ़ाना) their engagement (involvement, taking part, participation, association) in a way that is mutually beneficial (फायदेमंद). In Delhi, Ms. Yellen emphasised (जोर देना) that “the United States and India share an interest (रुचि) in strengthening our supply chains (आपूर्ति श्रृंखला) in a world where certain governments wield (exercise, exert, be possessed of, have, hold, control) trade as a geopolitical (भू-राजनैतिक) weapon”. The U.S. was particularly keen (उत्सुक, उत्साही) to minimise its vulnerability (weakness, defencelessness, unprotectedness, susceptibility) to supply-chain disruptions (disturbance, interruption, obstruction) and was therefore pursuing a strategy (plan of action (in order to achieve a more expansive set of political, economic, and security interests)) of ‘friendshoring (also called ally-shoring; Friend-shoring, as the name indicates, would involve supply chains only in countries that shared core values and principles ranging from protection of privacy in the digital world to human rights. Market access could thus be securely granted to countries that could be trusted as “friends/allies”, reducing risks to the US economy and to those of the “friends/allies”, who would now be the chosen trading partners)’, with India, a key element in the plan to cut its reliance (dependence) on ‘countries that present geopolitical and security risks’ to the supply chain. Citing the Ukraine invasion (attack, offensive, onslaught, incursion, assault) and asserting (state, assert, contend, affirm) that Moscow had ‘weaponised (use as a weapon)’ its supply of natural gas (a fossil energy source that formed deep beneath the earth’s surface. Natural gas contains many different compounds. The largest component of natural gas is methane, a compound with one carbon atom and four hydrogen atoms (CH4). Natural gas also contains smaller amounts of natural gas liquids (NGLs, which are also hydrocarbon gas liquids), and nonhydrocarbon gases, such as carbon dioxide and water vapor. We use natural gas as a fuel and to make materials and chemicals) to Europe, as well as the challenges of China’s dominance (control, grip, hold, influence) in the production of products such as solar panels, she underlined (underscore, emphasize, highlight) Washington’s keenness (preparedness, willingness, inclination, eagerness, commitment) to nurture (encourage, intensify, fortify, support) local partners in developing countries to help mitigate over-concentration on select suppliers.

Ms. Yellen’s visit also highlights the opportunities and challenges in the bilateral (involving two groups or countries) economic relationship, especially as the current dispensation (government, regime, system, establishment) in Washington moves to mend the ruptures (division, split, separation, break, estrangement) caused by the Trump administration’s antagonistic (hostile, inimical, opposed) decisions on trade including the withdrawal (removal) of duty-free access to Indian exporters under the Generalized System of Preferences (GSP) as well as a 2020 decision to put India back on the U.S. Treasury’s ‘Monitoring List’ over its currency practices (way, rule, method). The U.S. is still to reinstate (bring back, restore, return to power/position) the GSP benefit and exporters on both sides still face challenges, notwithstanding (despite, in spite of, regardless of) the fact that (used to refer to a specific situation under consideration/discussion) the U.S. is one of India’s largest trading partners. In fact, the International Trade Administration of the U.S. notes in its investment climate (atmosphere, feeling, tendency, attitude) summary on India that “new protectionist (relating to the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition) measures (action, step, procedure), including strict enforcement (imposition, implementation, execution) and potential expansion of data localisation (the act of storing data on any device that is physically present within the borders of a specific country where the data was generated) measures, increased tariffs (a tax imposed by one country on the goods and services imported from another country)... and Indian-specific standards not aligned with (in line with or in alignment/agreement with) international standards effectively (practically, almost, in effect) closed off (stop, discontinue, cease, shut off) producers from global supply chains and restricted the expansion in bilateral trade and investment”. With India set to take up (start to hold a position/post) the reins (controlling power. (In general, rein is the long leather strap(s) attached to a horse’s head (usually on either sides), by which the rider controls a horse)) of the G-20 presidency, New Delhi has a chance to steer (guide, conduct, direct/lead) the global economic and trade agenda towards greater equity (fairness, justness, neutrality, lack of bias, impartiality), including on climate change (a long-term change in the Earth’s climate, or of a region on Earth), especially given Ms. Yellen’s vocal (vociferous, outspoken, forthright; relating to someone who expresses his/her views frankly) assurance of U.S. backing (protection, guidance, support). Both sides stand much to gain by enhancing mutual trust and cooperation, particularly on trade.

Courtesy: The Hindu

Important Word List With Meaning

1.enhance (verb)

Hindi Meaning - बढ़ाना
English Meaning - increase, raise, augment, boost.

2.highlight (verb)

Hindi Meaning - प्रकाश डालना, स्पष्ट करना
English Meaning - emphasize, underline, bring attention to, underscore.

3.renewed (adjective)

Hindi Meaning - नवीकृत, फिर से शुरू
English Meaning - resumed, re-established, revived.

4.ties (noun)

Hindi Meaning - संबंध
English Meaning - association, relationship, bond, connection.

5.indispensable (adjective)

Hindi Meaning - अपरिहार्य, अनिवार्य
English Meaning - necessary, required, essential, vital, needed.

6.environment (noun)

Hindi Meaning - वातावरण
English Meaning - situation, scenario, backdrop, climate.

7.macroeconomic (adjective)

Hindi Meaning - व्यापक आर्थिक
English Meaning - relating to the branch of economics concerned with large-scale factors (interest rates/national productivity).

8.strategic (adjective)

Hindi Meaning - रणनीति-संबंधी, सामरिक
English Meaning - relating to achieving long-term or overall goals.

9.keen (adjective)

Hindi Meaning - उत्सुक, उत्साही
English Meaning - eager, enthusiastic, interested, determined.

10.deepen (verb)

Hindi Meaning - गहरा करना, बढ़ाना
English Meaning - grow, increase, strengthen.

11.beneficial (verb)

Hindi Meaning - फायदेमंद
English Meaning - favourable, advantageous, opportune, helpful, useful, valuable.

12.emphasise (verb)

Hindi Meaning - जोर देना
English Meaning - underscore, highlight, stress, call/draw attention to, put stress on.

13.interest (noun)

Hindi Meaning - रुचि
English Meaning - common concerns (in politics/business).

14.supply chain (noun)

Hindi Meaning - आपूर्ति श्रृंखला
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.

15.geopolitical (adjective)

Hindi Meaning - भू-राजनैतिक
English Meaning - relating to (the study of) the geographical factors (a country’s position on the earth, size, climate, and natural resources &, etc.) in world politics and inter-state relations.

16.compelling (adjective)

English Meaning - convincing, powerful, potent, strong, effective, reasonable.

17.stand (to) (verb)

English Meaning - be in a situation in which someone is likely to get something (an advantage/benefit).

18.The U.S. Department of the Treasury (noun)

English Meaning - The Department of the Treasury manages Federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.

19.all the more (much more)

English Meaning - much more, even more.

20.engagement (noun)

English Meaning - involvement, taking part, participation, association.

21.wield (verb)

English Meaning - exercise, exert, be possessed of, have, hold, control.

22.vulnerability (noun)

English Meaning - weakness, defencelessness, unprotectedness, susceptibility.

23.disruption (noun)

English Meaning - disturbance, interruption, obstruction.

24.pursue (verb)

English Meaning - engage in, take part in, be occupied in, participate in (an activity).

25.strategy (noun)

English Meaning - plan of action (in order to achieve a more expansive set of political, economic, and security interests).

26.friend-shoring (noun)

English Meaning - also called ally-shoring; Friend-shoring, as the name indicates, would involve supply chains only in countries that shared core values and principles ranging from protection of privacy in the digital world to human rights. Market access could thus be securely granted to countries that could be trusted as “friends/allies”, reducing risks to the US economy and to those of the “friends/allies”, who would now be the chosen trading partners.

27.cut (verb)

English Meaning - reduce, decrease, lessen.

28.reliance (noun)

English Meaning - dependence.

29.cite (verb)

English Meaning - refer to, make reference to, mention, point to.

30.invasion (noun)

English Meaning - attack, offensive, onslaught, incursion, assault.

31.assert (verb)

English Meaning - state, assert, contend, affirm.

32.weaponise (verb)

English Meaning - use as a weapon.

33.natural gas (noun)

English Meaning - a fossil energy source that formed deep beneath the earth’s surface. Natural gas contains many different compounds. The largest component of natural gas is methane, a compound with one carbon atom and four hydrogen atoms (CH4). Natural gas also contains smaller amounts of natural gas liquids (NGLs, which are also hydrocarbon gas liquids), and nonhydrocarbon gases, such as carbon dioxide and water vapor. We use natural gas as a fuel and to make materials and chemicals.

34.as well as (phrase)

English Meaning - and also, and in addition.

35.dominance (noun)

English Meaning - control, grip, hold, influence.

36.underline (verb)

English Meaning - underscore, emphasize, highlight.

37.keenness (noun)

English Meaning - preparedness, willingness, inclination, eagerness, commitment.

38.nurture (verb)

English Meaning - encourage, intensify, fortify, support.

39.mitigate (verb)

English Meaning - reduce, diminish, lessen.

40.bilateral (adjective)

English Meaning - involving two groups or countries.

41.dispensation (noun)

English Meaning - government, regime, system, establishment.

42.mend (verb)

English Meaning - repair, fix, restore.

43.rupture (noun)

English Meaning - division, split, separation, break, estrangement.

44.antagonistic (adjective)

English Meaning - hostile, inimical, opposed.

45.withdrawal (noun)

English Meaning - removal.

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

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.

47.put something back on (phrasal verb)

English Meaning - to move something into a place it was in earlier.

48.practice (noun)

English Meaning - way, rule, method.

49.reinstate (verb)

English Meaning - bring back, restore, return to power/position.

50.notwithstanding (preposition)

English Meaning - despite, in spite of, regardless of.

51.the fact that (phrase)

English Meaning - used to refer to a specific situation under consideration/discussion.

52.in fact (phrase)

English Meaning - actually, in actuality, really, in reality.

53.climate (noun)

English Meaning - atmosphere, feeling, tendency, attitude.

54.protectionist (adjective)

English Meaning - relating to the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition.

55.measure (noun)

English Meaning - action, step, procedure.

56.enforcement (noun)

English Meaning - imposition, implementation, execution.

57.potential (adjective)

English Meaning - possible, probable, likely.

58.data localisation (noun)

English Meaning - the act of storing data on any device that is physically present within the borders of a specific country where the data was generated.

59.tariff (noun)

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

60.align with (verb)

English Meaning - in line with or in alignment/agreement with.

61.effectively (adverb)

English Meaning - practically, almost, in effect.

62.close off (verb)

English Meaning - stop, discontinue, cease, shut off.

63.set to (adjective)

English Meaning - ready, prepared, organized, equipped

64.take up (phrasal verb)

English Meaning - start to hold a position/post.

65.reins (noun)

English Meaning - controlling power. (In general, rein is the long leather strap(s) attached to a horse’s head (usually on either sides), by which the rider controls a horse).

66.G-20 (noun)

English Meaning - The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. It brings together the world’s major advanced and emerging economies. The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.

67.steer (verb)

English Meaning - guide, conduct, direct/lead.

68.agenda (noun)

English Meaning - plan, scheme.

69.equity (noun)

English Meaning - fairness, justness, neutrality, lack of bias, impartiality.

70.climate change (noun)

English Meaning - a long-term change in the Earth’s climate, or of a region on Earth.

71.vocal (adjective)

English Meaning - vociferous, outspoken, forthright; relating to someone who expresses his/her views frankly.

72.backing (noun)

English Meaning - protection, guidance, support.