International trade and commerce is a constantly changing landscape. The changes, especially, the pace at which they occur, make the process of keeping track of and analyzing the global business environment a challenging and demanding task. The problem is compounded by the fact that, in today’s world, government, policy makers, academics and businesses confront unending streams of information. An expertise in being able to make sense of all that happens around us and to be able to knit together these diverse issues is a must for policy makers and business managers. All the key stakeholders should develop the ability to assimilate the information quickly, like in a jig-saw puzzle, pieces of seemingly fragmented issues and to look at the wider picture as a singular entity rather than having a vision of it in bits and pieces. As the emerging economies progress in their quest towards becoming developed and more integrated with the global economy, it becomes imperative that people who are at the helm of policy making in all emerging and developing markets including India need to be constantly updated on the changing world environment, especially the uncertainty facing global trade, the geo political tensions amongst economies, rise of nationalism and anti-immigration policies across the western world and changing global development paradigms so that they are not left behind in the race for development and achieving their coveted position in the world economy.
Session 1: Introduction to the course. Changing Contours of World Trade regimes and Commerce
Session 2: Globalization and the Changing Political Regimes
- Driving Forces of Globalization & the Emerging Patterns of Global Political Economy
- Rise of protectionism and implications for India’s trade and Business- US – China, Gated Globalization, BREXIT and protectionist measures across countries
- Strategy for India to deal with rising protectionism and global slowdown in general and due to the corona pandemic in particular.
Session 3: the Foundations of the Multilateral Framework of International Trade & It’s Evolution, over the Years, from GATT to WTO
- Basic principles of the WTO
- Major WTO agreements
- SPS and TBT measures affecting India
- Anti-dumping measures
- Current problems of the WTO and the future of the multilateral trading system.
Session 4: The Political Economy of the Trade Blocs and the Regional Economic Integration
- Meaning and Types of RTAs. Global Trends in RTAs
- WTO rules regarding RTAs
- Regionalism vs. Multilateralism ( Pros and Cons)
- Mega RTAs: TPP and RCEP
- Future of RTAs and FTAs
- Globalism versus Regionalism: Building or Stumbling Blocks?
- What should be India’s stand on major Trade blocs and regional blocks?
Session 5: Trade Wars
- Trade wars in the history of international trade – why it happens, what are the implications
- Ongoing trade war between the US and China
- Implications for the Global Economy and India
Session 6: China in the World economy
- Road and Belt initiative of China – how does it affect trade and commerce for China and competing countries like India?
- China’s entry into the WTO and its impact on the global economy – Has China fulfilled all its obligations after its accession to WTO
- India China Trade relations – why is it skewed and the problem of rising trade deficit with China? What needs to be done to bring balance
- China relations with the rest of the world post the Corona pandemic does it throw opportunities for India’s trade and commerce
Session 7: Multilateral financial Institutions and International groupings
- BRICS – The purpose and objectives of the group. The success and failures of the block in last few years
- G20 – has it been successful in restoring global growth and stability?
- A Debate on the Contemporary Issues Pertaining to the Role of the World Bank and the International Monetary Fund in the Global Economy
- Are Multilateral institutions like UN, WTO, IMF, WB, WHO losing their appeal and effectiveness in dealing with changing global developments and uncertainties?
Session 8: Global Financial Crisis of 2008-09
- The global economy: The 2008 credit crunch, recession and recovery
- How a very coordinated fiscal-monetary stimulus measures help world economy for a V shape recovery?
- Role of G-20 and also major initiatives taken by US, Europe, Japan, Germany etc.
Session 9: FDI policy
- Trends in world investment and FDI.
- Bilateral Investment Treaties – India’s New Bilateral Investment treaty 2016
- FDI policy in India– Has India succeeded in realizing in attracting its FDI potential
- Ease of doing business and further reforms to attract FDI
- Is there an opportunity to make India as the hub for foreign firms given rising uncertainty to global value chains due to centrality of China and the problems in China and also due to differences with China with major powers in recent times due to Corona and geo-political issues? What needs to be done to attract foreign firms?
Session 10: Future of the World Economy and Conclusion.
How India should design its policies to utilize its potential given huge manpower and factor endowments.