Reducing trade costs

03 OCT,2021 | MEDC


 

A historic era has begun with the first in-person leaders’ summit of the Quad grouping held last week. Yet, if the Quad’s immense economic potential is to materialize, it will necessitate strategic private sector collaboration. But to expect foreign firms to make a dash to our shores is wishful thinking, unless we first provide them enough incentives to invest here. We need to begin by reducing and rationalizing trade and transaction costs in the economy. India will never be able to challenge China industrially, unless we get global value chains (GVCs) to shift here. We cannot afford to squander the economic opportunity arising out of closer ties to the Quad grouping, and the best way to do that is to restructure our trade regime to attract FDI binding our economy extensively to GVCs.

*Photo Credit: Google

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