India's Trade Strategy: Reforming Tariffs and Embracing Global Partnerships

In a recent statement, Rakesh Mohan of the Economic Advisory Council to the Prime Minister highlighted the need for India to reduce its import duties to levels comparable to ASEAN nations. This move, he suggested, could bolster India's position in the global trade system and enhance its competitiveness.

Mohan also urged India to join significant regional trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Participation in these trade blocs, he argued, would secure India's integration in the global supply chain.

Furthermore, he addressed the potential benefits of relaxing FDI norms for Chinese investments, which could boost local manufacturing and export opportunities. Mohan also called for strategic fiscal measures to mitigate the effects of US tariffs on Indian exports.

(With inputs from agencies.)