Foreign trade policy

Syllabus- General Studies 3(economy) Context After raising questions over the benefits flowing to India from the Free Trade Agreements (FTAs) it had signed, and choosing to opt out of the Regional Comprehensive Economic Partnership (RCEP) trade agreement, the Union commerce minister in his recent comments has suggested that the government is re-orienting its foreign trade policy. Background The series of tariff hikes since 2014 marked an abrupt reversal of the decades-long policy of lowering tariff barriers. Coupled with the advocacy of Atma Nirbharta, it seemed to suggest that the country was turning its back on the enormous benefits flowing from free trade. Furthermore Addressing....Read More