Strengthening India's trade policy

Greater trade with ASEAN will be supportive of the prime ministerial call for greater Indian manufacturing for world markets

The statement by the external affairs minister last week, on multilateralism not having risen to the challenge of the pandemic (Business Standard, August 21, 2020), has been evident in the realm of international trade as well. In response to the pandemic, almost 80 countries had by April imposed export restrictions and prohibitions in essential commodity sectors like foodstuffs, medical supplies, and pharmaceuticals. While justified as “temporary” and emergency measures, such unilateral trade restrictive policies further undermine the multilateral trading system, which has already been rendered weak by the persistent flouting of World Trade Organization (WTO) rules by the United States.

Notwithstanding,