Indian exports are expected to receive booster doses after becoming part of the business group of Japan, India, Australia and the United States. A meeting has also been held between the business ministers of India, Japan and Australia over the business group. According to sources in the Ministry of Commerce and Industry, the group may soon include the US. The formation of a business group between these four countries will also end China’s supremacy in the world’s supply chain. Japan, Australia and the United States want to reduce business relations with China, which is showing direct profits to India.
According to foreign trade experts, 10% of the bilateral trade with Japan, Australia and the United States with China will also be a great increase in India’s exports. According to commerce ministry data, a turnover of $30 billion was made in the year 2018 between Australia and the country. But, in the meantime, Australia has 200 billion dollars of business with China.
In the year 2019-20, the country had an $88.75 billion business with the US. In 2019, the US had a $659.8 billion business with China. The US currently exported $120.3 billion to China, while the US imported $419.2 billion from China. More than 300 billion dollars of business is done between Japan and China. India and Japan had a business of only $17.6 billion in 2018.