Truth be told, GST is important but probably too narrow a peg to hang India’s trade policy from; it might make more sense to re-anchor the policy in the shifting framework for global trade and the rapidly evolving nature of globalization. Therefore, it is imperative that India’s trade policy, while taking due cognizance of GST’s nitty-gritties, also realigns domestic trade infrastructure with the altering global trade landscape. One is to prepare for less reliance on traditional trade partners in the West while increasing India’s trade and investment footprint in alternative markets, such as the African continent. Second, there is a need for a clear link between India’s trade policy and Make In India, including strategic linkages through global value chains. India’s demand (and strategy) for trade facilitation in services should find some articulation in the revised trade policy.

Source: Mint June 13, 2017 19:18 UTC