Bilateral ties crucial for boosting trade, says Sitharaman

• Not the rich world, trade and tech to define new world order, says minister

- FE BUREAU

WITH MULTILATERALISM ON the wane, bilateral arrangements will be the order of global trade, finance minister Nirmala Sitharaman said on Thursday, adding that India has to ramp up such relationships with many countries to boost not just commerce and investments but also for strategic reasons.

Sitharaman's comment assumes importance at a time when India is pursuing mutually beneficial trade pact with the United States, its second-largest trading partner, as well as holding negotiations for free trade agreements with the United Kingdom and the European Union.

Speaking at "Business Standard Manthan" here, she said that multilateral institutions are increasingly fading away as every attempt to revive and energise them is not having the desired result.

She further noted that the global order would no longer be determined by the developed nations; rather, trade and technology will play a crucial role.