India and China

India and China

India and China

India and China:There have been strong economic and trade between China and India after the border wars of the 1960s that almost terminated the mutual economic and bilateral trade ties between the two nations. This is according to the Reserve Bank of India (2014) that records that Asian nations, including China and India, experienced a paradigm shift in the growth of their economies, investment, and trade in the decades after the border war. This change culminated in the widening of the development gap between these Asian countries and their developing counterparts elsewhere in the globe. After the war, China embarked on reforming its labor and trade policies to rectify the economic offsets emanating from the war, thereby reconstructing its competitiveness in foreign trade affairs. The Reserve Bank of India (2014) asserts that India on the other hand commenced its comprehensive economic and trade policy reforms in 1991, that is, about fifteen years later than China, indicating a more liberalized tariff regime in the latter than in the former. Since then, China and India have reestablished and revived their economic and trade relationships and links.

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Nonetheless, such worries are not halting the two nations from ascending even further to assume greater global power. Irrespective of the many challenges and effects associated with the rise of China and India to first world countries, realists will assert that the dual are not expected to cease their efforts of gaining economic supremacy in the world. For this cause, all sectors of the global economy are expected to continue taking a new shape with China and India continuing to dominate power in the world, as Europe and the United States continue relinquishing power.

References

Ali, S., & Stancil, B. (November 19, 2009). Developing countries changing the world of trade.
Washington, DC. Carnegie Endowment for International Peace. Retrieved November 28, 2014, from http://carnegieendowment.org/ieb/2009/11/19/developing-countries-changing-world-of-trade.
Bruce, R. (September 23, 2013). The first world will soon be the only world: the babies born
today in the poorest developing nations have a decent chance of dying in developed, high income, nations. New York City. University of California. Retrieved November 28, 2014, from http://richleebruce.com/economics/3rd-world.html.

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