By Parikshit Luthra
US President Joe Biden is expected to hold a hotly awaited virtual summit with his Chinese counterpart Xi Jinping on Monday, US media reported, as tensions mount over Taiwan, human rights and trade. Relations between the world’s two largest economies have deteriorated in recent weeks, in particular over Taiwan, a self-ruling democracy claimed by China, which last month made a record number of air incursions near the island.
The CNBC-TV18 special show Global Eye focuses on the big diplomacy push between the United States (US) and China. It also throws light on the upcoming meeting between US Trade Representative Katherin Tai and India’s Commerce Minister Piyush Goyal.
Moreover, as the COP26 Climate Summit is winding up in Glasgow, CNBC-TV18 also spoke to furniture maker IKEA’s parent company Ingka Group about the role of the private sector in climate action.
US President Joe Biden will hold a virtual meeting with his Chinese counterpart Xi Jinping next week. The meeting comes amidst trade tensions between the two countries and the US’ criticism of China’s military activities. China has also extended an olive branch with President Xi Jinping saying China is ready to manage differences with the US and enhance cooperation.
Ananth Krishnan, correspondent for The Hindu said just the fact that this summit is happening is a win for China and it is a little bit puzzling from an Indian observer’s point of view as to why the US is so keen to have this summit.
Krishnan believes there is very little scope of any major headwinds to be made in some of the issues which the US is concerned with, whether it is China’s economic practices, human rights, or Taiwan. “I am expecting very little from the summit beyond low-hanging fruits such as reopening consulates that were shut during the Trump administration time, maybe easing up of visa restrictions but the big structural problems aren’t going anywhere,” he said.
Meanwhile, US Trade Representative (USTR) Katherin Tai and India’s Commerce Minister Piyush Goyal will hold an in-person meeting in the third week of November when the USTR visits India on a two-day trip. The two held a virtual meeting on November 2 where they agreed to take a comprehensive look at ways to expand bilateral trade ties. The two countries also shared perspectives on how to reach meaningful outcomes at the upcoming World Trade Organization Ministerial Conference that will be held in Geneva from November 30 till December 3.
Commenting on the upcoming meeting, Mukesh Aghi, president of the US-India Strategic Partnership Forum, said it is important to understand that the trade between the two countries without a trade deal is growing, both on the services and goods side. It seems to move in a positive direction, he said.
As the COP26 summit is coming to a close, CNBC-TV18 took a look at the highlights. India committed to achieving net-zero emissions by 2070, China-US announced plans to work together to cut down methane emissions, over 100 global leaders pledged to end deforestation by 2030, China said it is targeting a 1.8 percent cut in average coal use at power plants by 2025, and China and Russia were criticised for missing the summit and for lack of urgency.
Juvencio Maeztu, the CFO and deputy CEO of Ingka Group, discussed the role of the private sector in climate action. He also shared his views on how the private sector can be made more accountable when it comes to reducing emissions.