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India Urged to Revamp Trade Policy Amid Global Fragmentation
India should modernise trade policy for a fragmenting world: Report
Asianet Newsable
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A report by Koan Advisory Group emphasizes the need for India to modernize its trade policy, reassess Free Trade Agreements (FTAs), and establish a coordinated industrial strategy in response to geopolitical tensions and economic fragmentation. Key recommendations include conducting an audit of existing FTAs and adopting sector-specific investment screening for engagement with China.
- 01India should audit its existing FTAs to assess their effectiveness in enhancing exports and market access.
- 02The report advocates for a shift to sector-specific investment screening mechanisms concerning China, focusing on national security.
- 03Stronger alignment between trade, industrial, and tax policies is necessary for effective economic engagement.
- 04Opportunities in emerging sectors like artificial intelligence require deeper partnerships with the United States.
- 05The report stresses the importance of balancing economic openness with strategic resilience in a fragmented global landscape.
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The Koan Advisory Group's report, 'Resilience in a Fragmenting World: India's Economic Relations with Great Powers,' calls for India to modernize its trade and investment strategies amidst rising geopolitical tensions. It recommends a comprehensive audit of Free Trade Agreements (FTAs) to evaluate their effectiveness in achieving intended outcomes such as export growth and supply chain resilience. The report highlights the necessity for India to adopt a sector-specific investment screening approach towards China, allowing for continued engagement in non-strategic sectors while safeguarding sensitive areas. Furthermore, it suggests better alignment of trade, industrial, and tax policies, and emphasizes the potential in emerging technologies like artificial intelligence. Ultimately, the report urges India to make informed choices about markets and partnerships to maintain economic openness while ensuring strategic resilience.
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The proposed changes in trade policy could enhance India's economic engagement and competitiveness in global markets.
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