Prime Minister Narendra Modi on Friday hit out at unilateralism and trade protectionism, and said there is a need for a rules-based, anti-discriminatory and all inclusive WTO-centred multilateral trading system. Mr. Modi’s remarks come amidst the raging trade war between the U.S. and China.
Addressing the Shanghai Cooperation Organisation (SCO) Summit here, Mr. Modi said unilateralism and protectionism have not benefited anyone.
“Economic cooperation is the basis of our people’s future... We need a rule-based, transparent, anti-discriminatory, open and all inclusive WTO-centred multilateral trading system focused so that the interests of every countries specially the developing ones can be taken care of,” he said.
India’s stand
India is committed to ensuring a favourable environment for the economic cooperation between the SCO member countries, the Prime Minister said in the presence of Chinese President Xi Jinping.
President Xi said India and China should uphold free trade, and multilateralism, without directly referring to the ongoing China-U.S. trade war.
The SCO member states said the situation in global politics and economy remains turbulent and tense, and the process of economic globalisation is being hindered by the growing unilateral protectionist policies and other challenges in international trade, according to the Bishkek Declaration of the Shanghai Cooperation Organisation’s Heads of State Council.
The declaration stressed the importance of further improving the architecture of global economic governance, and deepening cooperation to build a transparent, predictable and stable environment for the development of trade and investment cooperation.
