India, April 27 -- That the multilateral trading order is as good as dead is a bitter but undeniable fact in today's world. An emaciated rules-based trading regime does not negate the importance of trade, however. What it entails is countries relying more and more on bilateral agreements to pursue their trading objectives. India's free trade agreement (FTA) with New Zealand, signed on Monday and to be operationalised once New Zealand completes the necessary ratifications, is yet another example of India making incremental but steady advances in exploiting the bilateral route to buttress its trade objectives.

Trade agreements are, in letter, complicated legal documents. The hallmark of a good trade deal is the economic spirit driving it. ...