As the US is initiating protectionist measures, the World is facing serious trade challenges and India needs to explore new ways of boosting its exports, according to Commerce Minister Suresh Prabhu
Trade and exports in China, India and other world countries who export to the US, will be affected as the US is taking “very strong” measures against all its major trading partners.
The U.S President Donald Trump has imposed $ 60 billion in tariffs on Chinese imports and has also increased import tariff on steel and aluminum in case of India. This has initiated a response from Prabhu, who says that these measures will badly affect world trade.
Prabhu, in a function, stated that it’s a sour reality that the World is facing major challenges and in that context, India should be ready to increase its exports.
India is a firm believer in a rule-based, transparent and participatory trading system and recently has invited key WTO member countries to discuss on ways of accelerating global trade and reinvigorate the global trading body, said Prabhu.
He also told reporters that if any country takes unilateral decisions and actions, India will definitely take note of it and deal with the action appropriately, he said while taking about the U.S-China trade face off
Because of the announcement of $ 60 billion tariff imposed by the U.S on Chinese imports, the tensions between the Worlds two biggest economies has intensified and trade relations have become tenser.
We should all take steps to promote exports and we are trying to explore new markets and products by initiating market research in target countries. Prabhu said.
India recently met leaders of some African nations to promote its exports in the region said, Prabhu.
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