Govt forms high-level panel to look into global trade challenges

The Commerce Ministry Friday said it has constituted a High Level Advisory Group (HLAG) to look into the challenges emanating from the current global trade scenario and suggest ways to boost the country's goods and services exports.

The formation of the panel was approved by commerce and industry minister Suresh Prabhu, the ministry said in a statement.

"HLAG will consider ways for boosting India's share and importance in global merchandise and services trade, managing pressing bilateral trade relations and mainstreaming new age policy making," it said.

The panel will examine the prevailing international trade dynamics, the rising protectionist tendencies, non-engagement by some countries on outstanding trade negotiation issues and their insistence on pursuing negotiating mandates.

It would also suggest a pragmatic framework for India's future engagement in international trade, and the manner in which it can play a proactive and constructive role in exploring and building consensus on resolving trade related issues.

Surjit S Bhalla, Director of Oxus Research and Investments, will chair HLAG.

Other members of the group include former foreign secretary S Jaishankar, Principal Economic Advisor Sanjeev Sanyal, among others.

HLAG will meet regularly over the next two months and make specific recommendations to facilitate the formulation of future trade policies.

It may invite special invitees whose inputs may be considered necessary, the ministry said.