Goa, April 5 -- Indian officials are facing significant challenges as they engage in trade negotiations with ASEAN countries, particularly when trying to make concessions within the review of a regional trade deal. The presence of Chinese companies that have set up operations in the 10-member bloc adds complexity to the discussions. This is not just an issue for India but for nations across the globe, with the US particularly impacted due to its massive trade deficit with China, which stood at $295 billion in 2024, with exports amounting to $439 billion.

Over the past 15 years, the US trade deficit has risen dramatically from $882 billion in 2008 to $1.2 trillion in 2023, while China's trade surplus surged from just under $300 billion to...