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India's FTA ambitions in perspective

A protectionist tariff structure and an inability to integrate with global value chains may prove to be major challenges for India as it seeks deeper trade agreements

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Illustration: Binay Sinha

Amita Batra
As the second year of the pandemic draws to a close, global trade recovery continues apace with world trade in goods having attained record high levels in the third quarter of 2021 and trade growth continuing at about 1 per cent each quarter (Global Trade Update, United Nations Conference on Trade and Development, November 2021).

Major trading economies, conscious of this trade momentum, have persevered with their pre-pandemic schedules of trade agreements, especially in mega regional trade agreements. The US-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020, and the EU-Vietnam FTA a month later. In Asia, the 15-member Regional
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First Published: Dec 20 2021 | 11:00 PM IST

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