India can boost exports by $500 bn with trade liberalization: Study

India could increase its exports by USD 500 billion per year by joining the next stage of the Trans-Pacific Partnership (TPP) trade agreement after implementing economic reforms proposed by the Narendra Modi government, according to a new study. The study "India's Rise: A Strategy for Trade-Led Growth" by C. Fred Bergsten of the Peterson Institute for International Economics, was released here Thursday ahead of the first-ever India-US Strategic and Commercial Dialogue starting Monday. "By contrast, India will lose as much as USD 50 billion of current exports because of increasing discrimination against it by other countries if it remains outside the new global trade network," according to the study. This network, Bergsten pointed out, includes the plurilateral agreements on international services, environmental goods, and government procurement now being negotiated in and around the World Trade Organization as well as the TPP and other megaregional arrangements. It will also have to liberalize its own markets to international trade and investment in order to persuade other countries to open their markets to its exports. The first India-US Strategic and Commercial Dialogue starting Monday is a followup to the decisions taken during Obama's January visit to India when the two countries had projected a target of USD 500 billion of bilateral trade. Peterson Institute's study exploring possible ways of expanding India-US partnership, according to Indian diplomats, reflects the desire of both sides to deepen the partnership. Courtesy: SME Times

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