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 said.
He said the US is taking “very strong” measures against all its major trading partners including China. The comments came amid US President Donald Trump imposing USD 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 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 USD 60 billion of tariffs on Chinese imports, a move that could escalate the already tense trade relations between the world’s two biggest economies. The minister further said the government is taking steps to promote shipments.
“All must take steps to promote exports. We are trying to explore new markets and products by doing market research,” he added. Prabhu said India is meeting leaders of some African countries to promote exports in the region