The formal signing of the India-UK Comprehensive Economic and Trade Agreement (CETA) headlined Prime Minister Narendra Modi’s visit to the UK. Since leaving the EU, “Global” Britain has been on a spree to conclude or join FTAs. After a period of FTA pause, India, too, is on an accelerated pursuit of trade agreements. Though neither is the other’s major trading partner, the salience of CETA lies in the symbolism and substance, the future potential, the many tangible and intangible dimensions of this partnership, and the infusion of strength into a relationship that faces challenges not from customary colonial memories, but from contemporary challenges to India’s security and integrity.

CETA’s significance also derives from its ambition. FTAs either cover areas that fall within the mandate of the WTO or go deeper in covering commitments and harmonisation on a range of national economic policy issues to facilitate stronger economic partnership among signatories. CETA embodies the latter. The two governments have hailed CETA as a landmark agreement because of the balance of openings and protections, coverage and scope and also because, from India’s standpoint, it is the first comprehensive one with a major Western partner that defines the template for others, including with the EU.

CETA is historic for another reason. It is an important milestone in India’s — as in the world’s — growing reliance on bilateralism and regionalism at a time when the multilateral trade regime is eroding as its architect, which is still the world’s most powerful economy, turns its back on it. President Donald........

© Indian Express