New Delhi, Apr 14 The global spotlight is turning toward India's trade policies as the World Trade Organisation (WTO) Trade Policy Review (TPR) report nears completion. Officials confirmed that the comprehensive analysis of India's trade practices is anticipated to be released in July.
The preparation phase has been in full swing, marked by a recent visit from a team of officials from the WTO Secretariat. During the visit, officials emphasized that the process is rigorous, involving submissions from both the government and the WTO Secretariat itself.
This high-level review aims to provide deep insights into India’s trade policies and its overall macroeconomic standing. The report structure is detailed, covering policies, practices, and the institutional frameworks guiding the nation's commerce.
Understanding the WTO Trade Policy Review Mechanism
The Trade Policy Review Mechanism is a critical pillar designed to facilitate the smooth operation of the global multilateral trading system. Its core objective, outlined in the Marrakesh Agreement annex, is enhancing the transparency of member countries’ trade policies.The frequency of review is determined by a member's global trade share. The four largest traders, including the European Union, United States, China, and Japan, undergo review every three years. India falls into a category of 16 major traders and is consequently reviewed every five years.
India's Rapid Ascent in Global Commerce
The data compiled for the TPR highlights India's significant and rapid climb on the world economic stage. According to WTO World Trade Statistics, India's export profile has shown dramatic growth over the past two decades.Between 2005 and 2024, India's share of global merchandise exports has shown remarkable gains. It has nearly doubled, increasing its contribution from 1 per cent to 1.8 per cent of the total global merchandise exports.
The growth narrative is even stronger in the services sector. Over the same period, India's share in global commercial services exports has more than doubled. Its contribution rose from 2 per cent to 4.3 per cent, underlining its deepening integration into global supply chains.
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