While the Government of India is still grappling with this new legislation — a bolt from the blue when New Delhi is engaging with the 27-nation bloc to craft a favourable free trade agreement (FTA) — Indian exporters will have to bear the brunt of it, especially those shipping commodities such as coffee, leather hide, skin and preparations, oil cake and wooden furniture.
R V Anuradha, Partner, Clarus Law Associates recounted that the WTO system, although an imperfect bargain, remains unique given the enforceability of its rules. She noted that the world has come too far ahead in terms of economic interdependence, and there is somewhere a realisation of the need for minimum cooperation between countries in order to maintain the global economic system.
Experts, too, suggest that both the sides need to work on less controversial issues first; the more difficult ones can be taken up later, as any deal there will take time to materialise.
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