India Focuses on Bilateral Trade Deals Amid Global Uncertainty: Sitharaman
India is placing greater emphasis on bilateral trade agreements as global uncertainties rise and the influence of multilateral institutions weakens, Union Finance Minister Nirmala Sitharaman said on May 6. Speaking at the Asian Development Bank (ADB) Annual Meeting in Milan, Italy, Sitharaman highlighted recent geopolitical shifts — particularly the United States’ tariff announcement in April — as key drivers accelerating fragmentation in global trade. “The global fragmentation, along with the impact of the April US tariff announcement, has increased uncertainties. At the same time, global institutions no longer carry the same weight they once did. In this environment, many countries are now turning to bilateral arrangements,” Sitharaman stated. “While there’s no stepping away from globalisation, we must remain cautious and ensure that our dependencies are addressed mainly through our own capabilities.” India’s renewed focus on bilateral trade was recently reflected in the succ...