China with regard to the acts by the United State’s protectionist measures is not very delighted. This has given serious concerns on a global trade war which could damage the world we are living in today since dependency on products from other countries is higher than what it was ten years ago.
India with Prime Minister Modi keeping great terms with many countries may have to come in the picture and be the middleman in handling the tense situation between China and the United States. The FICCI also mentioned that India should be playing the proactive role since it has been a powerhouse positively around the world in terms of World trade.
India has already organized several informal WTO meetings, to help shape the global trade back on its track. Diplomacy will be the answer to this crisis, and who else to answer this but India.
- The World Bank as “Knowledge Bank” is Fast Depleting
- India’s Dismal Foreign Policy with Its Neighbors!
- The World’s Most Corrupt Countries
- How to celebrate ‘World Population Day’?
Rashesh Shah, President of FICCI said
“India can play a significant role in guiding this exercise to defuse the emerging possibilities of a global trade war that can derail the positive outlook in the world trade. India’s growing acceptance as an important nation in facilitating constructive deliberations among the countries with diverging interests must be capitalized to strengthen the WTO.”
The United States has imposed USD 60 Billion of tariffs on Chinese imports, on the grounds of unfair trade practices. This resulted in China backfiring and imposing higher tariffs on USD 3 Billion worth of American goods which include pork and pipes.
International Trade is needed globally, to sustain economies and bring together world harmony.
Another reason India needs to solve this is, India’s highest trading partner is The United States which conducted $67 billion of trader and China which conducted $71.48 billion of trade last year. Hence India should come in between and solve the issues between them, as India is bound to suffer if they fire at each other.