AMN / NEW DELHI
Union Minister for Commerce and Industry and Civil Aviation Suresh Prabhu says, India should move World Trade Organization (WTO) against protectionist tendencies of countries hurting its interests.
In an interview to Dordarshan, Mr Prabhu spoke out against the escalating trade confrontation between the US and China.His remarks came after US imposed heavy tariffs on imported steel and aluminium, a decision that is impacting India, among several other countries.
The Minister said, countries being impacted by protectionism should move the WTO for dispute redressal and India too should move to the world trade body for relief if the need arises. Mr Prabhu, highlighted the benefits that expansion of global trade has brought to the world. He said, a trade war would only hurt economic growth and employment.
Speaking on efforts to increase the share of exports in country’s GDP, Mr Prabhu said, India is working on a strategy to diversify its exports by tapping into new products and markets. On government’s decision to divest 76% of its stake in Air India, the Civil Aviation Minister said, interests of Air India’s employees will be protected.