Global trade facing challenges, India needs to boost exports: Union minister Suresh 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 on Friday said

PTI March 23, 2018 13:52:22 IST
Global trade facing challenges, India needs to boost exports: Union minister Suresh Prabhu

New Delhi: 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 on Friday 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 of tariffs on $60 billion 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.

Global trade facing challenges India needs to boost exports Union minister Suresh Prabhu

Global trade facing challenges, India needs to boost exports: Union minister Suresh Prabhu. AFP image.

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 tariffs on $60 billion 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.

Updated Date:

also read

Centre imposes restrictions on export of human hair to curb smuggling
India

Centre imposes restrictions on export of human hair to curb smuggling

Hair exports were earlier allowed without any restriction but now an exporter would have to seek permission or licence from the Directorate General of Foreign Trade (DGFT) under the Commerce Ministry

India emerges as largest exporters of cucumber, gherkins in the world
India

India emerges as largest exporters of cucumber, gherkins in the world

India has crossed the $200 million mark of export of agricultural processed product- pickling cucumber, which is globally referred as gherkins or cornichons, in the last financial year

US President Joe Biden, Japanese PM Kishida talk China, nuclear weapons in first meeting
World

US President Joe Biden, Japanese PM Kishida talk China, nuclear weapons in first meeting

Biden accepted Kishida's invitation to visit Japan later this spring for an official visit and to attend this year's Quad Summit, the meeting held between the leaders of Japan, the United States, Australia and India