Prabhu, who is also the Prime Minister Narendra Modi's G20 Sherpa, said trade can create jobs and more business opportunities.
The report projects it will recover slightly to 2.1 per cent a year in 2020-21 'from its sub-standard growth of 1.5 per cent a year in 2018-19.'
The critical question is whether US and China can strike a deal by the March 1 deadline because if they succeed, a cloud will be lifted off the world economy.
Trump has complained frequently that the United States is treated unfairly in global trade and has sharply criticized the WTO for letting that happen.
The move came a day after Beijing imposed duties on about $3 billion in US exports such as pork, wine and fruit, a countermeasure to US metal tariffs.