FTAs, the real deal ain't the trade, silly
Free Trade Agreements (FTAs) are portrayed as modern-day bartering, where nations believe they've outsmarted their counterparts. The true essence of FTAs lies not in tariff reduction but in crafting narratives of victory for domestic audiences. Ea...

Say, India gets mangoes into Germany. Germany gets fancy machines into India. Both sides smile and shake hands. But, back home, a PM and a chancellor are flexing to their respective finance committees. The former says, 'We gave them mangoes. Fruit. Perishable. In exchange? Machinery that lasts 30 years. Call me Bargain Bhagwan, homies!' The latter boasts, 'Not only did we sell them overpriced forklifts, but we even convinced them to call it 'capacity building'!' Crowds in both countries applaud to the genius of the FTAshists. See, the real trade isn't in goods, it's in narratives. FTAs are storylines with customs paperwork. Each clause is a punchline in the romcom, 'Who Got Played?' And you know what's the beauty of it? Both sides think they've won - and that the other side has lost. So, next time you hear about an 'historic trade deal', just ensure those cheering 'wins' on both sides don't read each other's press releases.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.