India has woken up to understand that the need to make trade does not drive growth, and India has not benefited by global trade, even in the BRICS context, where China is the sole beneficiary. That United Nations Conference on Trade and Development (UNCTAD) observation notwithstanding, the government of India has approved the constitution of a High Level Advisory Group (HLAG) under the chairmanship of eminent economist Dr Surjit Bhalla, to make recommendations for identifying and to pursuing opportunities to find a way forward for India, pegged on our interests and sensitivities, in the contemporary global scenario.
The scenario has been worsened by tariff wars and the protectionism by the US. The HLAG will also address the challenges being faced by the country in global trade.
Union Minister for Commerce and Industry, Suresh Prabhu said the HLAG would consider ways to boost India's share and importance in global merchandise and services trade, besides managing pressing bilateral trade relations. In will also work towards main-streaming new age trade policy making.
According to a release by the Ministry of Commerce, the terms of HLAG are to examine the prevailing international trade dynamics, the rising protectionist tendencies , particularly on the part of the major economies, non engagement by some countries on outstanding trade negotiation issues and commitments. This pertains to, among others, the Doha Development Agenda.
Among other members of the HLAG are former foreign secretary S Jaishaker, former commerce secretary Rajeev Kher, Sanjeev Sanyal, Principal Economic Advisor, Adil Zainulbhai, chairman of the Quality Council of India, Dr Harshavardhana singh, former DDG,WTO, and Dr Shekhar Shah, Director General of National Council of Applied Economic Research.
