Modi hits out at trade protectionism, calls for rules-based trading system

Prime Minister Narendra Modi on Friday hit out at unilateralism and trade protectionism, and said that there is a need for a rules-based, anti-discriminatory and all inclusive WTO-centred multilateral trading system, amidst the raging trade war between the US and China.

Addressing the Shanghai Cooperation Organisation (SCO) Summit here, Modi said that unilateralism and protectionism has not benefitted 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 is committed to make favourable environment for the economic cooperation between the SCO member countries, the Prime Minister said in the presence of Chinese President Xi Jinping.

The SCO member states, including India, said that 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.

They stress on 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, economic and investment cooperation through the consistent strengthening of the multilateral trading system based on the rules and regulations of the WTO, and through opposition to the fragmentation of global trade and trade protectionism in all its forms, it said.

Later in the day, Modi left for India as the summit concluded.