The importance of trade

Now, value of trade in goods and services, and remittances could be as high as $1.2 trn

India’s approach to trade policy was almost exclusively shaped by the nature of our pre-liberalisation economy in 1981 when I was a young delegate to the GATT in Geneva. We maintained high tariffs, a variety of non-tariff barriers, and sought periodic recourse to quantitative restrictions for balance of payments purposes.  We were sceptical about the use to which trade could be put for the development of the country. The GATTs preamble calls for:  

“Raising the standards of living, ensuring full employment and steadily growing volume of real income”.... Through “reciprocal and mutually advantageous arrangements directed to the substantial reduction of