New Delhi, Jan. 4 -- The multilateral trade order is unravelling. The US has imposed country- and product-specific tariffs unilaterally, leveraging them to extract deals from several countries. China has retaliated with export controls on critical minerals.

These moves undermine the basic principles of cooperative global commerce, leaving countries like India to prioritize securing their national interests. Against this backdrop, the Union finance minister's announcement of a comprehensive customs overhaul comes at a critical moment.

These reforms will offer India an opportunity not merely to shield itself from trade conflicts, but capture a larger share of global exports and integrate more deeply into global supply chains. Success, how...