Global trade roadmap: Back to Environment, Europe & WTO!
Prof Manoj Pant, Director, Indian Institute of Foreign Trade, discusses the trends in global trade over the past 5 years and how policymakers should approach the Foreign Trade Policy 2021-26 with India Business & Trade.
He emphasises that export incentives like RoDTEP should always be time bound and result-oriented, while on the other hand, exporters should also target global competitiveness instead of relying too much on protection.
With the return of a Democrat (Joe Biden) as US President, Prof Pant strongly feels that there could be a reversal on many of the foreign and trade policy approaches of the Trump Administration over the past 5 years. In particular the US seems to be moving back to re-engaging with Europe, re-invigorating the climate change agenda and most importantly, reviving multilateralism and the WTO. India’s trade negotiators need to be cognizant of the possible impact of these changes going forward.
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