Business News
Global trade facing challenges,India needs to boost exports: Prabhu
The world is facing serious challenges as the US is taking protectionist measures and India needs to explore ways to boost exports, Commerce Minister Suresh Prabhu has said.
He said that U.S is taking “very strong” measures against all its major trading partners including China.
The comments came amid U.S President Donald Trump imposing $ 60 billion of tariffs on Chinese imports, and also increasing import tariff on steel and aluminium in case of India.
“It is a reality that the world is facing serious challenges…In this context, we have to increase our exports,” he said here at a function.
Prabhu said that India is a firm believer in a rule-based, transparent and participatory trading system and recently it has invited key WTO member countries here to discuss ways to reinvigorate the global trading body.
“If any country takes a unilateral action, we will definitely take note of it and we will deal with it appropriately,” he told reporters when asked about impact of the possible trade war between the US and China .
On Thursday, President Trump imposed $ 60 billion of tariffs on Chinese imports, a move that could escalate the already tense trade relations between the world’s two biggest economies.
“All must take steps to promote exports..We are trying to explore new markets and products by doing market research,” he added.
India is meeting leaders of some African countries to promote exports in the region, he said.
