NEW DELHI: India has set a target to increase its share of world merchandise exports to 10% by 2047 from 1.8% in 2024, the government informed the World Trade Organisation (WTO) as part of the review of its trade policy by the global trade body.
The review covers trade policy from 1 January 2021 to 31 December 2025. Under the Viksit Bharat 2047 mission, India aims to grow its economy to $30-35 trillion with overall exports reaching $10 trillion.
On WTO reform, India reiterated its stated position that it must be development-centred, consensus-based, and member-driven. It also sought restoration of a standing, independent, and binding two-tier dispute settlement system with immediate restoration of the Appellate Body, which has been non-functional since December 2019.
During the period under review, the government took steps to make the economy more outward-oriented. To promote exports, India maintained various duty exemption, tax refund and rebate schemes. India widened the geographical reach and depth of its regional trading agreements (RTAs), the WTO Secretariat’s report for the review said.
All WTO members’ trade policies are subject to review at regular intervals, depending on their share of world trade. For India the it is held every five years and the 8th review will be held from July 21 to July 23
The official delegation to the review is led by Commerce Secretary Rajesh Agrawal. In his opening statement at the review the secretary said that despite a challenging global environment, India has remained the world’s fastest-growing major economy, achieved record exports, accelerated digital transformation, strengthened innovation, improved the ease of doing business, and expanded opportunities for trade and investment.
The review is carried out on the basis of two principal documents: a policy statement submitted by the Member under review (Government Report) and a report prepared by the WTO Secretariat, which is circulated to all Members.
Trade policy reviews are conducted by the Trade Policy Review Body (TPRB), which comprises the entire membership of the WTO. To get to the 10% share in world merchandise exports, the government also pointed to the multiple trade agreements it has finalised or is negotiating. India widened the geographical reach and depth of its regional trading agreements (RTAs)
RTAs have entered into force with Australia, the European Free Trade Area, Mauritius and the United Arab Emirates. India also signed other agreements with Oman and the United Kingdom.
At the end of 2025, negotiations had been completed with New Zealand and were close to conclusion with the European Union. Negotiations were also ongoing on new and existing RTAs with a broad range of other partners, including the United States, the WTO report said.
India’s trade performance in recent years has been impacted by a range of external challenges. Events such as global supply chain disruptions arising from geopolitical tensions, the pandemic, climate-related events, and export controls by some countries have adversely affected the availability and cost of critical inputs, India’s report for the review said.
India has also highlighted that it continues to liberalise its foreign direct investment (FDI) policy since 2021. Sectoral caps have been raised or removed and entry conditions eased for foreign investment in civil nuclear energy, defence, insurance, petroleum and natural gas, telecommunications and the space sector.
Annual FDI inflows peaked at $85 billion in 2021-22. However, net FDI inflows weakened during the review period, with India emerging as one of the world’s top 10 outward investor economies in 2024. India’s 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’s report said.
Source: The Financial Express
