New Delhi, October 9 (Daily Kiran) : Commerce Secretary Rajesh Aggarwal has highlighted the need for India to develop a strong legal framework in response to rapidly changing global trade dynamics. Speaking on October 9 during the 9th anniversary celebration of the Center for Trade and Investment Law (CTIL), he noted that sustainability-focused trade measures and the rise of digital commerce are presenting new challenges to established regulations.
Aggarwal commended CTIL for fostering trust between the government, industry, and the legal community. He pointed out that the center has provided significant support to the commerce department in areas such as legal analysis, free trade agreement (FTA) negotiations, dispute resolution processes, and institutional knowledge development.
Justice P.S. Narasimha of the Supreme Court, addressing the event, stressed the importance of institutions that not only follow changes in international economic law but also have the capacity to influence and shape them. He remarked that international investment law has evolved over time, shifting its focus from merely protecting foreign investments to also valuing regulatory autonomy for nations.
Justice Narasimha emphasized that the field is entering a phase where questions of institutional frameworks, legitimacy, and the balance between investment and public policy are becoming increasingly significant. He called for a sustainable international investment law framework that maintains a balance between investment protection and governmental regulatory rights.
According to the ministry, CTIL has provided over 4,000 legal opinions and participated in nearly 10 FTA negotiations. It has also contributed to various issues related to the World Trade Organization (WTO), including notifications, submissions, and dispute resolution processes.
Yashveer Singh, additional secretary at the Ministry of Commerce and Industry, noted that CTIL has played a crucial role in India’s major trade agreements, WTO discussions, and international economic diplomacy. He highlighted the center’s legal and strategic support for India’s participation in significant multilateral and bilateral forums, including G20, BRICS, and FTA negotiations.
Singh also pointed out that CTIL has contributed to human resource development and capacity building in international economic law, enhancing India’s negotiation capabilities and policy formulation.
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