Unilateral trade measures, counter moves risk to fragile Global economic recovery: Suresh Prabhu
Commerce and Industry Ministry Suresh Prabhu has cautioned that unilateral trade measures and counter measures can stop the fragile global economic recovery in its tracks and have implications for jobs, economic growth and development.
Commenting on the recent cycle of unilateral trade measures and proposed counter measures, Prabhu said “actions and counter actions such as this could stop the fragile global economic recovery in its tracks…and could also irrevocably damage the rules-based multilateral system built up with hard work over many years”.
The US has imposed high duties on steel and aluminium imports from some of its trade partners including India inviting the ire and threats of counter measures from many countries.
The Minister was speaking at an informal gathering of 28 member countries of the World Trade Organisation (WTO) in Paris on May 31.