Modi-Xi meet crucial for stable world trade order: Ficci

Ahead of Prime Minister Narendra Modi's meeting with Chinese President Xi Jinping later this week, Indian industry chamber Ficci on Tuesday described it as an opportunity for discussing both bilateral issues, as well as on steps to ease pressure on world trade from US protectionist measures.

Xi and Modi will hold an informal summit in China's Wuhan city over April 27-28, to improve bilateral relations and discuss global issues of mutual concern.

"While China's increasing dominance in world trade has made its role extremely significant in defusing the possibilities of a global trade war, India has shown in the last few months that it can play the role of a facilitator for serious dialogues on this issue," a Ficci statement said here.

"It is quite encouraging that China has already indicated that positive results are expected on globalisation and the threat of rising protectionism from the meeting" between Modi and Xi, Ficci President Rashesh Shah said in a statement.

US President Donald Trump slapped import tariffs of 25 per cent on steel and 10 per cent on aluminium in March. China retaliated earlier in April, increasing tariffs by up to 25 per cent on 128 US products, from frozen pork and wine to certain fruits and nuts.

Along with the understanding to work together in furthering global trade, Modi must also discuss the greater opening of the Chinese markets for the Indian products with Xi, Shah said.

According to Ficci, the need of the hour is stronger India-China ties, "which is in the interest of the world trade, but not in any direct confrontation with the US".

--IANS

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