TRADE POLICY NEEDS A RESET
It is time lndia breaks awayfrom its traditional defensive positions at WTO
RAJESH AGGARWAL
INDIA'SRESISTANETOthe the counding S350 billion by 2030. Hawever,the Inthe present ontext, India mustadeptt
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rooted in preserving policy tiexibility lor its nity for export growth. ing economic issues and navigating the
economic deve lopment srategies. wne The desire to seize the opportunity pre evoving geo-economic landscape is in the
this approach suits traditional sec tors like sented by e-commerce hasplayed a pivotal country's best interest
agicultureand fisheries, it mayhinder seiz role in driving regulatory reforms in India India's active participation in the WTO
ing new opportunities in emerging fields by promoting digitisation, transparency, discussions is crucial, even for successful
such as the digital economy and high-tech and operational efficiency within the busi bilateral engagement subsequently with
manufacturing, which are esignature ness landscape. These iniiatives have led major markets. Participation in these dis
strategies of its Vikas Bharat vision. The vi torefoms in critical areas such as data pro cussions will also allow India to build a
sion 2047 seeks to outline a comprehensive tection, consumer rights, competition and leadership position in the Global South. The
roadmap for the country's development. It taxation, fostering a more conducive country's lack of engagement, in any case,
envisions ndiaasa technology driven econ ecosystem for e-commerce enterprises to has not deterred other interested nations
omy, with an ambitious goal of catapulting thrive. India's data protection regulations from forging a consensus among major
into a developed economy within the next aim to align with global standards. The economies regarding new regulations in
25 years. country, aiming for a low-carbon, resilient, the realm of disruptive technologies or
The rulesofglobaleconomic governance and equitable transition, has committed to formulating unilateral carbon border ad
are being reshaped in a world moulded by achieving net zero carbon emissions by Justment measures inimical to Indian
geoeconomics and emerging technologies, 2070, and has made significant achieve business interests.
resilient global value chains and erviron ments in improving energy access and re Going forward, it is time lndia breaks
mentalsustainability. India, as arising econ Indias active participation in ducing greenhouse gas emissions. awayfromitstraditionally held defensive po
omy, has substantial stakes in this new par the WTO discussions is In India's evolving export-led economic sitions. Between 2000 and 2007, India's
adigm.Achieving anewequilibriumofglobal growth model, the emphasis laid on main rade-to-GDP ratio surged from 12 per cent
rules will not be frictionless, yet India's ris crucial, even for suacessful taining unrestricted right to pursue domes to 23 per cent, stabilising at this level, To
ing global stature demands that it plays a bilateral engagenent tic policies should yieldto a pursuitofpolicy achievethe ambitiousexporttargets and ac
constructiverole and projectsits distinct per subsequently with major predictability in key destination markets like celerate GDP growth the country aims for a
sonality in managing differences amidst the US, the European Union,Japan, andother higher trade-to-GDP ratio(ideally 30-35per
changing dynamics markets. Participation ir emerging economies, espedally in high tech cent) India's forward-looking approach to
India's evolving domestic policy reforms these discussions will also nology sectors. The country must shed its shaping multilateral disciplines in tradeand
are designed to promote its global integra allow India to builda hesitancy andactively participate innegoti- investmentmattershasbeen demonsrated
tion by aiming to foster technology-driven lcadership position in the ations concerning e-commerce, trade, cli Vividlythoughits activeparticipation in G20
and environmentally sustainable economic Global South. The Country's mate change, and investment facilitation forums and bilateral trade and investment
growth The country isa lavoured choice for within the WIO. negotiations with economically advanced
global inves tors.Itsecuredthe thirdposition lack ofengagenent, in any The historical context that initially nations. Asimilar proactive engagement
in attracting FDl in 2022, after the US and case, has not deterred other shapedthisstrategydiffers significantly from strategyshould alsobeextended to WTOne
China. It aims to boost goods exports to S1 interested nations from today's landscape. Thepolicy reformstaken gotiations. It will be pivotal to achieving its
trillion by 2030, positioning itself as a man inthe wake of the 1991economic crisis broke national economic development objectives.
ufacturing powerhouse. Simultaneously, its forging a consensus anong downtrade barriers, attracted foreigninvest
e-commerce market is set to surge to an as major cconomies. ments, and fuelled economic expansion. Thewrter is visiting professor, ICRIER
Tue, 09 July 2024
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