Trade protectionist measures serious, need to promote exports: Prabhu

Amidst fears of an escalation in global trade protectionist measures, India should find out ways to promote its exports, Commerce and Industry Minister Suresh Prabhu said on Friday.

While addressing the CII northern region annual conference on 'New India: Translating Aspirations into Reality', Prabhu spoke about the challenges posed by the strong trade protectionism measures imposed by the US.

"The world is facing serious crisis. The US is taking strong measures against all its trading partners," said Prabhu, who also holds the charge for Ministry of Civil Aviation.

"Japan, Korea -- long-time partners of the US are having lots of issues with them, and in this context we have to increase our exports... All of you (corporates) must come forward and need to think that how do we promote exports," he said.

The minister's comments assume significance after the US imposed new levies and tariffs on imports from China triggered a massive global-equities sell-off and spooked investors over a retaliatory actions by other major world economies.

On last Tuesday, Prabhu had said India will bilaterally take up the issue of recent trade protectionism measures with the US. He spoke after New Delhi hosted the largest Informal WTO Ministerial Meeting.

The minister had said India is a strong supporter and believer in the WTO framework and is strongly committed to see the organisation being strengthened.

After the meet, WTO Director General Roberto Azevedo said that the recent trade protectionist measures by the US have major potential for escalation.

"I have said very publicly that I am very concerned and I think the institution itself could say the same, because these measures, for whatever reason, have a very major potential for escalation because of the possibility of responses from other partners with trade restrictive measures as well and that, I think, is something we should avoid," Azevedo had said.

The minister had earlier said that India is a strong supporter and believer in the WTO framework and is strongly committed to see the organisation being strengthened.

--IANS

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