New Delhi, July 31 -- The global trading environment is becoming increasingly unpredictable. The rules-based multilateral trading system that emerged with the World Trade Organization (WTO) has steadily weakened over the past two decades.

The failure of the Doha Round to achieve its original objectives, the rise of unilateral tariffs by countries such as the US, and the paralysis of the WTO's dispute settlement system have accelerated the shift towards bilateral, regional and plurilateral trade agreements as countries seek to safeguard their economic interests.

Moreover, geoeconomic competition, industrial policies and supply-chain partnerships have gathered pace, reflecting a growing emphasis on economic security and strategic resilien...