The year 2020 witnessed plenty of disruptions across the globe in the import and export sector. Disruptions in the same have significantly affected many nations. Now, all eyes are aligned upon the year 2021 to compensate for the damage caused by the pandemic last year. In the game of imports, this year on number one would be vaccines produced by nations with strong medical infrastructure including India. Countries like Brazil and Bangladesh look upon importing a lot of vaccines from India. On the other hand, Iran bans the import of the same from the USA, UK and France.
The end of the year 2020 saw the import of crude oil from Saudi Arabia to china dipping to zero. But this would not stay this way for long as the desert Kingdom seems to be the only source of black gold for the USA. This year USA plan to reduce the imports of goods such as steel from China, with China being the global leader in producing it with having a share of 49% of the global steel production. Though the re-elected US government would look upon this policy that was undertaken by the Trump government (and was not supported by the World Trade Organization at that time) triggering the Global Trade war. Sailing in the same boat, India too plans to reduce the imports of goods from China.
The dependence on China is unavoidable, still, for the start, India plans to reduce the imports of API supplies from China giving the R&D sector a chance to grow. Also, India plans to discourage the import of finished goods to give opportunities to Indian entrepreneurs with no restrictions on the imports of raw materials. The ongoing pandemic has a lot to do with the ever-changing Global Trade Policy, with no one knowing what comes next.