This year started with uncertainty regarding the effects of demonetisation and ends with uncertainty regarding the effects of the Goods and Services Tax (GST). Global trade growth rose sharply but export growth remained tepid, although in positive territory over a low base. The World Trade Organization (WTO) adopted a Trade Facilitation Agreement but failed to agree on a declaration at the 11th ministerial conference at Buenos Aires.
GST was implemented after enough discussion on merits and demerits. There was near-consensus that it would benefit the economy. The draft legislations were placed in the public domain well in time and, based
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