Opinion | Global trade is important for India’s prosperity4 min read 11 Jun 2019, 12:51 AM IST
Embracing global trade can create a virtuous cycle of competitive dynamism and growth for India
The international, rules-based, multilateral trading system enshrined through the World Trade Organization (WTO) faces an existential threat. WTO accession played a major role in China’s rise to prosperity. China’s foreign trade rose 10-fold from $475 billion on WTO accession in 2001 to about $4.5 trillion today. India’s total foreign trade in goods and services of approximately $1 trillion in 2018 is roughly the same as China’s in 2003.