New Delhi, Feb. 18 -- Economics 101 tells us that free trade makes the world better off. Countries specialise in what they produce most efficiently and trade for the rest. In theory, everyone gains. In practice, however, trade creates winners and losers within each economy, turning trade policy into politics.

As a result, rather than embracing across-the-board liberalization, nations increasingly rely on bilateral and regional trade agreements, often shielding sensitive domestic sectors. The shift has intensified during the Trump years, with tariffs used as tools of geopolitical leverage and countries scrambling to secure preferential access. India too has signed a flurry of agreements, including those with the EU and the US.

While FTAs...