New Delhi, Dec. 16 -- The year that's drawing to a close will be remembered as the point at which US President Donald Trump overturned the global trading system that had been in place since World War II. India has been a major target of Trumpian whimsy. It is now hard to believe that the world will go back to the old multilateral trading system even after Trump exits office. We are in untested territory, with all its inherent uncertainties.

India's big question is how best to adapt to the evolving global arrangements, with the worrisome prospect of rising protectionism, militarism and regionalism. The government is busy trying to close a trade deal with the US and has voices within that want the country to join at least one of the region...