India expresses concern over worrying signs of protectionism: Jaitley

Jaitley said latest developments reflected a wider diffusion of power in the international system

India on Wednesday expressed concern over the worrying signs of economic protectionism and said the continued unpredictability in ties between major powers has brought new uncertainties to the fore.

Finance Minister Arun Jaitley said new barriers to migration and the closing of borders are elements of a protectionist approach, observing such measures are unlikely to address the complex issues involved.

Jaitley, who is also India's defence minister, was addressing the Moscow Security Conference here.

"The continued unpredictability in ties between major powers recently has brought new uncertainties to the fore. The implications of these developments are difficult to fully ascertain at this stage," he said.

The ties between Russia and the US nosedived following American missile strike against Syria as the Kremlin denounced the use of force by the Trump administration in the conflict- torn country.

Jaitley said the latest developments reflected a wider diffusion of power in the international system.

"There are also worrying signs of economic protectionism. New barriers to migration and the closing of borders are other elements of such an approach. However, such efforts are unlikely to be able to address the complex issues involved," he said.

Referring to India's economic progress, he said the country's rapid growth over the past two decades has also helped elevate the economic trajectory of its smaller neighbours.

Jaitley said that for the foreseeable future, Asian economies will continue to be the drivers of global growth and Asia could also be emerging as the stage for competition between large and rising powers.

"Europe appears pre-occupied with the future of the EU project. We are also witnessing a sharpening of divisions in the European continent not seen since the Cold War," he said.

Jaitley said economic and diplomatic engagement with the Eurasian region is a top priority for India.

"Building on our strong ties with Russia, we also hope to steadily enhance our linkages with Central Asian countries," he said.

Jaitley said as a long-standing friend and strategic partner, India supports an expanded role for Russia in global affairs, especially in "our shared neighbourhood".

"With our renewed emphasis on regional connectivity, the focus on Act East, the ongoing effort to engage with Gulf countries, Africa as well as the wider Indian Ocean Region, India is now at the centre of a dynamic web of partnerships," he said.