In this episode of TS Compass, we speak with Sangeeta Godbole, former IRS officer and trade negotiator, about what really happens behind the closed doors of trade negotiations and the increasingly complex nature of modern FTAs. She explains why the final 5% of negotiations is often the most difficult, how tariff concessions involve delicate trade-offs, and why rising imports and a widening trade deficit deserve closer attention. She also examines the challenges MSMEs face in navigating complicated trade rules, sustainability requirements and carbon-related standards such as the EU's Carbon Border Adjustment Mechanism (CBAM). The conversation explores whether India should accelerate its FTA strategy or focus more closely on securing reciprocal benefits, the difficulties of renegotiating agreements once signed, and why agriculture and dairy remain sensitive areas in trade negotiations. As India deepens its global economic engagement, the central question remains: Is India getting enough in return for opening up its vast domestic market?