New Delhi, Jan. 5 -- The year 2025 closed with a spurt of trade deals. On 22 December, India concluded one with New Zealand, negotiated in just nine months. Four days earlier, on 18 December, New Delhi signed a Comprehensive Economic Partnership Agreement (CEPA) with Oman.

Such pacts are also planned or under negotiation with Chile, Israel, Canada and others. As one observer joked, India seems to have a trade arrangement with every country except the Vatican. Why this sudden flurry? The reasons are not purely economic; they are deeply embedded in geopolitics.

Experience with India's earlier deals suggests that without deep integration, such agreements may not significantly enhance trade. Free-trade agreements such as the one with Asean ...