Building trade capacity

16 AUG,2022 | MEDC


The importance of attaining and maintaining higher levels of export growth cannot be overestimated. It can be a key driver of economic growth, which is a national priority in the post-Covid era. Policy needs to enable the Indian economy to build on the current momentum and sustain a reasonable rate of export growth in the medium term. The trade division is now bifurcated to separately handle bilateral and multilateral trade negotiations. This is an important step, as it will help provide focused attention to negotiations on FTAs that India is currently engaged with in several geographies. India needs to build institutional capacity in the trade policy establishment by inducting domain experts into the system. To boost trade sustainably, we also need to integrate with global value chains. A key step in that direction is tariff rationalization. Doing so will help prepare us for tomorrow's borderless global economy.

*Picture Credit:Google

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