He highlighted India to be among few countries not a part of large trade agreements like Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

• These agreements aim to remove trade barriers and promote reciprocal investment by tariff facilitation and harmonizing environmental and labor protection standards.

Benefits of Joining to India

• Support Micro, Small & Medium Enterprises (MSME): They constitute 40% of India's exports. 
• Integrate into Global Supply Chain: Constituting 70% of the World’s trade 
• Harness China plus one opportunity: High tariffs prevent diversification of supply chains away from China.
• Increase India’s productive capacity: Facilitate easy import creating job prospects; enhance profits and capacity utilization of the private sector, etc.  
• Political Advantage: Opportunity to shape emerging trade architecture like E-commerce. 

Concerns for India

• Cheap Imports: Elimination of tariffs may lead to greater rise in imports worsening trade deficits. 
• Impact on Indian Enterprises: Stricter rules like labor conditions and environmental protection impact local and less competitive Indian industries. 
• Domestic considerations: Opposition from Indian dairy sector on joining RCEP fearing strict competition from industrialized countries 

Way Forward

• Revisiting past agreements: Data-driven approach to navigate complex global economic landscapes. 
• Prioritize long-term economic goals: In terms of self-reliance, job creation, and strategic autonomy.