The new bilateral age: EU FTA urgency key to shaping the new trade order

The World Trade Organization (WTO) seemed unable to rein in China's hidden subsidies to its exporting sectors, and to restore a level playing field for global trade

Speaking at the Business Standard Manthan last week, Union Finance Minister Nirmala Sitharaman noted the increasing importance of bilateral negotiations and deals – because multilateralism was “sort of out”. As she argued, India, as a consequence, should place greater emphasis on such bilateral deals in trade, investment, and strategic relations. Such a reshaping of international engagements would be necessary for India’s interests to be prioritised. Ms Sitharaman’s intervention came, in fact, at the same time as a visit to India by the European Commission president, leading to the announcement of an accelerated, if still aspirational, timeline for a bilateral free-trade