The global trade system is undergoing a significant transformation from a multilateral, rules-based framework under the World Trade Organization to a more complex structure dominated by bilateral, regional, and strategic trade agreements. The rise of Free Trade Agreements (FTAs) and new reciprocal arrangements reflects growing geoeconomic competition, supply chain realignment, and the expansion of trade into areas such as digital commerce, data flows, and regulatory standards. While these developments offer opportunities for market access and economic integration, they also risk fragmenting global trade rules and weakening multilateralism. For India, the evolving landscape presents both opportunities to integrate into global value chains and challenges related to policy autonomy, domestic industry protection, and digital sovereignty, requiring a balanced and strategic trade approach.
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