India, Aug. 23 -- The global economy has been undergoing a profound transformation. Rapid technological changes, expansion of the digital economy, reorganisation of the global supply chains, climate concerns, geopolitical tensions and post-pandemic restructuring of the economic relations have essentially altered the nature of international trade. Trade agreements, therefore, are no longer concerned merely with reducing customs duties. In the emerging global economic order, competitiveness is increasingly determined by quality, technology, innovation, digital capability, intellectual property, regulatory compliance, environmental standards and the capacity to participate adequately in the global value chains. Production may take place acro...