India Trade Policy Review: Commerce Secretary Rajesh Aggarwal is going to Geneva this week to participate in the eighth trade policy review report of India. An official said he is leading a team of Indian officials who will participate in the review process being held at the World Trade Organization (WTO) headquarters.
According to the official, India’s trade policy review report will be released this month. The WTO’s trade policy review provides a detailed study of the trade policies and practices of member countries. Apart from this, it also includes the analysis of units related to trade policy and the macroeconomic situation of the country.
According to WTO rules, the period of review of a member country is decided on the basis of its contribution to global trade. The world’s four largest trading blocs – the European Union, the US, China and Japan – are reviewed every three years. At the same time, the next 16 big trading countries are reviewed once in five years, in which India is also included. Other member states are reviewed every seven years.
The purpose of the trade policy review mechanism under the Marrakesh Agreement that created the WTO is to help the multilateral trading system function smoothly and increase transparency in the trade policies of member countries.
According to WTO world trade data, India’s share in global trade has increased significantly between 2005 and 2024. During this period, India’s share in global merchandise exports has increased from one percent to 1.8 percent, while its share in commercial services exports has increased from two percent to 4.3 percent.