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India's WTO Trade Review: What Lies Ahead?
19 Jul
Summary
- Commerce Secretary Agarwal leads India's delegation in Geneva.
- WTO's eighth trade policy review for India is happening now.
- India's global trade share has significantly increased since 2005.
Commerce Secretary Rajesh Agarwal is currently in Geneva, Switzerland, heading India's delegation for its eighth trade policy review at the World Trade Organization (WTO). This review, a critical assessment conducted every five years for major trading nations, scrutinizes India's trade policies, macroeconomic framework, and institutional practices.
The WTO's Trade Policy Review Mechanism aims to enhance transparency within the global trading system. Reports typically feature detailed analyses of member states' trade policies and policymaking institutions, alongside their economic situations.
India's growing international trade presence is evident. Between 2005 and 2024, India's share of global merchandise exports nearly doubled, rising from 1% to 1.8%. Similarly, its share in global commercial services exports more than doubled, increasing from 2% to 4.3% during the same period.
The frequency of these reviews varies based on a country's share of world trade. Major traders are reviewed triennially, while the next tier, including India, undergoes review every five years. Other members are reviewed every seven years. The official report from this review is expected to be released later this month.
