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of <h1>India's Trade Dynamics Shift: Russia's Oil Surge, China's Trade Influence, ASEAN's Rising Role</h1> The Congress party referenced a McKinsey Global Institute report to emphasize significant shifts in India's trade dynamics from 2017 to 2024. Russia's share in India's oil imports surged from 1% to 30%, while India's imports from China increased as its exports to China declined. The report also noted that India's exports to the USA and Europe are increasingly reliant on China. Additionally, ASEAN countries have benefited from the US reducing trade with China, with Vietnam playing a key role in mediating trade between the US and China. The report underscores the critical nature of global trade networks and value chains.
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