In a report on India’s 8th Trade Policy Review (TPR), it said that India’s policy framework continues to rely on relatively high tariffs, import and export controls, state trading enterprises and extensive budgetary support programmes. It also said that India is aiming to increase its share of global merchandise exports to around 10% by 2047 from about 1.8% in 2024.
New Delhi, in its report, said that rising geopolitical tensions and non-tariff measures by some trading partners including complex standards, conformity assessment procedures and regulatory requirements are constraining its market access.
The TPR meeting at the WTO is scheduled to be held on July 21 and 23.
The multilateral trade watchdog said that looking ahead, in the short term, real GDP growth is forecast to range between 6.8-7.2% in FY28, continuing the trend of strong growth posted during the review period – one in which India was the fastest-growing G20 economy.
“Looking further ahead, sustaining the strong economic performance… will require addressing structural challenges, including high trade costs, regulatory complexity, infrastructure gaps, and barriers to deeper global integration,” the WTO said as it urged India to reduce reliance on trade-restrictive measures that could support more efficient resource allocation and competitiveness.
“As India seeks to expand its role in global trade, diversify exports and meet its long-term development objectives, the balance between self-reliance and openness, as well as its engagement in the multilateral trading system and its reform, will remain key determinants of its future growth and resilience,” the WTO said in its report.Over the next three days, WTO members will assess India’s trade performance from 2021 to 2025-end based on the WTO Secretariat’s report and the Indian government’s report.
New Delhi, said in its report, that its trade performance in recent years has been impacted by a range of external challenges such as global supply chain disruptions arising from geopolitical tensions, pandemic, climate related events, and export controls by some countries which have “adversely affected the availability and cost of critical inputs”.
“In addition, issues of excess capacity and overproduction in certain sectors have led to trade distortions and price fluctuations in international markets. India is also facing an increased use of non-tariff measures by some trading partners, including complex
standards, conformity assessment procedures and regulatory requirements,” India said.
These have resulted in “constrained market access for Indian industry in foreign markets”.
In the multilateral arena, India said it believes that continued commitment to WTO rules is necessary for global trade, and its trade policy will remain firmly aligned with its broader reform agenda, deepening integration with the global economy while advancing a strengthened and
equitable rules-based multilateral trading system. India aspires to safeguard the development priorities and legitimate policy space of the Global South, while advancing toward its long-term objective of attaining high middle-income status by 2047, the centenary year of its independence.