India needs to deepen trade ties with Asian countries to offset US tariffs, says AIIB

India should further deepen its trade and economic integration with other Asian countries and beyond to minimise the impact of the additional US tariffs on its economy, said Mr Erik Berglof, Chief Economist at the Beijing-based Asian Infrastructure Investment Bank (AIIB). New Delhi can also consider revisiting its stance on not joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said. The CPTPP is a free trade agreement (FTA) endorsed by 12 members, including Canada, Mexico, Japan, Australia, Singapore, Vietnam and the UK.

The US tariffs have caused uncertainty around the world, which may weigh on global growth, he said, adding that both India and China will benefit from closer cooperation at this juncture. The Chinese and Indian economies have great complementarities, said a report. 

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