Expressing concerns over rising protectionism in developed countries, especially in the US which has imposed high import duties on steel and aluminium, WTO (World Trade Organization) Director General Roberto Azevedo on Monday called upon the member nations to come together and resolve the issues related to global trade.
The WTO chief, who is here for a mini ministerial meeting called by India, said that encouraging trends in global trade such as rising export orders and volumes could be jeopardised by protectionist measures.
He was speaking at an industry interaction here organised by CII. Azevedo, according to the CII statement, pointed “to rising risks to this positive outlook with recent incidents of increased protectionist moves by members”.
He cited the recent tariff increases by the US for steel and aluminium among other protectionist measures by other countries. He stressed upon the need for WTO members to come together, adopt a flexible posture and cooperate in resolving the global trade related issues.
The WTO chief appreciated the initiative and the leadership role of India in organising the mini ministerial meeting.
“We are facing many challenges in the WTO and outside. Trade environment globally is very risky at this point of time. We will try to have an open and honest conversation at the informal WTO meeting here," Azevedo said. He also called on Prime Minister Narendra Modi.