7.6 International Trade:
The Working Group also looked at issues concerning international trade. The suggestions made for minimizing risks areas follows:
(i) Global agricultural trade has several imperfections, which provide unfair advantages to developed countries and diminish the comparative advantage, of domestic production in developing countries. Effective WTO trade negotiations, for establishing a fairer trade regime need to be vigourously persued.
(ii) In the event of major hurdles in WTO negotiations and delay in reaching a substantive agreement, India should explore its second-best option, of reaching bilateral / regional trade agreements, with major trading countries in the region and beyond.
(iii) Further, to exploit the full potential of trade liberalization, India should carryout behind the border reforms, by integrating its own domestic markets, institutions,
and infrastructure development..
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