NEW DELHI: Contrary to the fears sparked by the ongoing crises in global trade, India’s Commerce and Industry Minister Suresh Prabhu believes that the country can come out on top if it plays its cards right.
Speaking at the Confederation of Indian Industry’s (CII) annual general meeting, Prabhu said that India can benefit from the ongoing challenges in global trade provided it makes the right moves, even as some countries are “testing the entire global trading system”.
Prabhu’s comments come in the wake of steadily escalating tensions between the world’s two largest economies -- China and the United States.
The last few weeks have seen both announce import tariffs on a variety of each other's products, with a cumulative worth of trade affected crossing $100 billion.
“We are passing through a challenging but an opportune time. If we play our cards properly, and that is what we are trying to do... we can actually benefit from it by creating an opportunity around the issues that are happening globally. We have no choice but to respond in a positive manner,” Prabhu said, adding, “we must be ready to not only to face the challenge but also make that into an opportunity”.
Prabhu pointed out that the government has been taking steps to boost exports, industrial growth and manufacturing activities.
“We are looking at a strategy to work multi-laterally as well as bilaterally to get greater market access of domestic products and services and boost India’s exports,” he said.
The government’s inclination to fast-track more trade deals has been underscored by the resumed negotiations on the stalled free trade agreement (FTA) with the European Union (EU). India has also had discussions with both the US Trade Representative and Prabhu’s China counterpart Zhong Shan, who visited India last month.