These are difficult days for trade policymakers. The global economic scenario stays insipid, significantly impacting the trade environment. Despite a steep decline in oil and commodity prices, manufacturing has remained tepid. India has lost its manufacturing competitiveness in several product areas and the fact that efficiency in delivery of services can lead to manufacturing competitiveness seems to have missed the adequate attention of policymakers.
India came out with an elaborate foreign trade policy statement – the first of its kind – last year. Global developments thereafter have only accentuated the need for a more persuasive agenda on international trade.
The December 2015 ministerial meeting of the World Trade Organization (WTO) was a disappointment for India, wh